Mongolia is land-locked country, nevertheless, it has its own maritime law. Under the international rights of landlocked countries to fly their own flag on the high seas, Mongolia has been operating an open ship registry in Singapore since 2003.

Since that year, Mongolia has joined over 29 conventions and protocols such as Barcelona Declaration of 1921 for recognizing the Right to a Flag of States having no Sea-coast and 1948 convention on the international maritime organization as well as 1982 United Nations Convention on the Law of the Sea.

Mongolia operates its own Ship Registry. According to the United Nations Conference on Trade and Development, 265 vessels with a total cargo capacity of 664,000 tons are sailing under the red, blue and yellow Mongolian flag.