This thread is full of "market efficiency" versus "national security", but there is another aspect to it: "Many ships now fly under the flags of Panama, Liberia and the Marshall Islands — countries that allow ocean carriers to bypass a slew of safety regulations, labor laws and taxes."

Now, taxes are one thing, but it is likely the case that the whole world would be better off if those countries increased their safety and labor regulations. If you follow shipping disasters, you will quickly learn that international commercial shipping rates are kept artificially low by externalizing costs onto the crews, people exposed to the industry, and the environment.

It would also decrease the difference between Jones Act shipping and commercial shipping.