Australia's opposition Labor party is planning to set up a national "strategic shipping fleet" to cut its dependence on overseas vessels.

If elected in May, the idea is to boost the domestic flag to improve security and job prospects following a series of rows over crewing on vessels trading in the country.

"It is a national disgrace that an island nation like Australia only has 14 flagged vessels, and it’s in our national interest to fix this," opposition leader Bill Shorten said in a statement.