Since it was asked, yes: as of 2004, Mongolia engages in the ship registration business, a profitable enterprise pioneered by Panama, Liberia, and the Bahamas. And I saw such a ship this August in Hakodate.

It’s not a great picture, but you can see the ship’s details: “SHEMUT, ULANBATAAR, MONGOLIA.” Joe of MF, who was with me at the time, may have a better picture.
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The Marmot’s Hole » Mongolian ship sighting! added these pithy words on Dec 02 06 at 9:00 am[...] Curzon and Joe spotted a Mongolian-registered ship in Hakodate, Japan. Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages. [...]
Rommel added these pithy words on 01 Dec 06 at 8:30 pmAh yes! Only fitting, of course, that such a notoriously landlocked and landloving nation would find itself in the ship-registration business!
In all seriousness though, good for those resourceful Mongolians – although sadly it probably only benefits a small fraction of the population.
