The flags flown atop ships are also known as a “flag of convenience” as the owners of shipping companies and shipping vessels often fly a flag different from that of their own nationality or where their business is headquartered. Nations have 19 kilometers of territorial water which is considered part of their land, 322 kilometers of an exclusive economic zone in which countries can pull in ships for inspection and seize their goods or extract resources from the sea bed, and the high seas which belong to nobody. Ships are subject to the laws of the country of the flag they fly however most Greek, Japanese, Chinese, and German ships are registered in Panama, Liberia, the Marshall Islands, or Mongolia, slipping away from the laws of their country of origin, a move which can be very financially rewarding. Doing so allows companies to dodge taxes, safety standards and requirements, labor codes, and minimum wages. This method can reduce shipping costs by up to 65%. Countries promote the efficacy of flying their flag at large gatherings in an attempt to entice large shipping magnets into utilizing their flag which is a mutually beneficial endeavor as the country on the flag gets to collect taxes for its development and the company using the flag gets to save a lot of money, funds which would have been paid out in higher tax brackets had they used the flag of a wealthier nation. On top of all of these perks, most flags of convenience guarantee anonymity to their clients which helps ensure the entire industry is difficult to track and regulate