An article published in Hakai Magazine dwells on regulation dodges in the shipping industry, including through the use of flags of convenience (FOC), and wonders why this tendency is rising. Guillaume Vuillemey, Associate professor of finance at HEC Paris Business School, published in 2020 a study about FOCs and provides some answers to that. He found that owners are more likely to switch to an FOC when the rates that shippers can charge for freight are low, reducing revenue, an indication that cost-cutting is indeed a principal incentive. Shipping companies that don't "flag out" can lose customers to competitors that can offer a lower price.