In an attempt to strengthen the quality of its merchant fleet, Panama Ship Registry cancelled the registration of many sanctioned vessels. In a release issued on Wednesday, Panama said it has achieved a 96.5% compliance rate with international maritime safety and environmental protection standards.
“We maintain a zero-tolerance policy against any misuse of the Panama Ship Registry. We are not a shelter for sanction evasion. Our priority is to attract modern, newly built vessels that fully comply with international regulations,” stated Ramón Franco, director general of the DGMM.
Last month, the Panama Maritime Authority (PMA) announced that it will cancel the registration of 68 Panamanian-flagged vessels. This clarification comes in response to the reports regarding 68 Panamanian-flagged vessels listed in sanctions issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury.
The PMA also moved to the cancellation of many other vessels on the UK’s and United States sanctions list.
“In its ongoing efforts to enhance fleet quality, the Panama Maritime Authority (PMA), through the General Directorate of Merchant Marine (DGMM), has intensified its oversight, removing vessels from the registry that fail to meet stringent safety and compliance standards,” the PMA claimed.
PMA cited the DGMM data, according to which Panama’s Ship Registry recorded a net growth of 468 vessels in 2024. PMA also referred to the report by IHS Markit, mentioning that the registry closed the year with a total of 8,773 ships and 248.8 million gross register tonnage (GRT).
As part of Panama’s strategy to attract modern and sustainable vessels, 2024 saw the registration of 408 newly built ships, contributing over 9.4 million GRT.
