 The Liberian registry was created at a time when the Panama's registry was becoming less attractive for several reasons including its unpopularity with the U.S. labor movement and European shipping concerns, political unrest in Panama, and increases in its fees and regulations.On 11 March 1949, Greek shipping magnate Stavros Niarchos registered the first ship under the Liberian flag of convenience, the "World Peace".When Stettinius died in 1950, ownership of the registry passed to the International Bank of Washington, led by General George Olmsted.