THE Panama Registry now has 8,644 vessels of more than 500 dwt entered with a total gross tonnage of 202.6m up from 8,605 vessels totalling 183.5m gt as of December 2008. The Panama Maritime Authority (AMP), quoting Lloyd’s Register, says Panama’s merchant fleet represents 21.87% of the world’s total fleet. Despite increased vessel numbers, detentions of Panama-flagged vessels fell to 2.5%, down from 12.7%,
Japan is the largest customer of Panama’s Ship Registry accounting for 45.4% of the total fleet, followed by Korea, 7.1%, China, 6.7%, Greece, 6.4% and Taiwan, 4.3%.
“The growth in tonnage of 10.08% in the past six months was made possible by the inscription of new buildings, and by the friendly procedures we have implemented recently, also for the aggressive discounts and simplified process as per General Law of Merchant Marine No. 57 of August 06 of 2009” said Panama Maritime Authority Director of Merchant Marine Alfonso Castillero.
In August 2008, the Panama Maritime Authority’s Marine Merchant Marine Directorate, which administers the Panama Registry, issued a resolution requiring vessels more than 20 years old to submit to a check by a recognized inspection organization (RO) before docking at a port within the Paris MOU. If the vessel failed to go through such an RO inspection, it could "be deleted from the registry or subject to a fine", the authority warned at the time. In addition, any vessels of that age that have been detained twice in six months will be cancelled from the register.
Although the measure was seen as drastic when implemented, the AMP says the results are already been noticed, said Mr. Castillero. During the first six months of 2009, Panama-flagged vessels detentions fell to 2.5%, down from 12.7%, said Mr. Castillero. “We hope the good trend will continue until the end of 2009 and well into 2010,” he added.