A new study into shipping registries has further clobbered the country's reputation

as one of the world's worst flag-of-convenience states. The research paper, released

by Cardiff University in Wales, said Cambodia boasts an almost total lack of regulations.

"Super-unregulated states, such as Cambodia and Equatorial Guinea, mop up those

vessels deemed too risky to the more established open registers," the report

stated. Cambodia was placed in the worst category, along with St Vincent and the

Grenadines. The government recently awarded the shipping business to a South Korean

firm in a bid to rehabilitate its shoddy image..