Flag of convenience (business)

Okay kiddo, imagine you have a toy car that you really like. You take care of it and make sure it's always shiny and clean. One day, your friend comes over and asks if they can borrow your car for a little while. You say yes because they are a good friend and you want to help them out.

Fast forward a few days and your friend returns the car to you, but it's not in great shape anymore. They didn't take care of it like you did and it's all scratched up and dirty. You're a little upset, but you still love your car.

Now imagine that your toy car is actually a big ship, and instead of your friend borrowing it, a company wants to use it to transport goods around the world. But instead of taking good care of the ship like you would, they just want to use it to save money.

That's what happens with something called a "flag of convenience" in the business world. A flag of convenience is when a company decides to register their ship in a different country than their own, usually one with cheaper labor and fewer rules and regulations.

This means they can save money on things like staffing, safety measures, and taxes. But it also means they might not take as good care of the ship as they should, because they're more focused on making money. This can be dangerous for the people working on the ship and for the environment.

So, just like you take good care of your toy car, it's important for companies to take good care of their ships and not just use them for their own benefit.