From the introduction of Bill 308:

"... Since 1993 the Panamanian registry crossed the threshold as being the world's largest shipping registry and from that date the Panamanian merchant fleet has been increasing, with reference to the years from January to November 2015 the Panamanian registry has increased by 136 ships, representing a 62% increase compared to 2014. Similarly, Panama has the largest tonnage of ships registered in the world with a fleet of 81 million tons making up almost 22% of total world tonnage and a total of more than 8,100 vessels registered under the Panamanian flag.

This law intends to set up the conditions for issuing naval mortgages from Panama, as well as creating an attractive investment framework for shipbuilding in the Republic. This is an activity that has not been exploited in the country, and, given our excellent geographic position, it is important to consider it. As a reference, the construction of a PANAMAX ship requires approximately 7500 workers from different activities and takes around 5 years to complete."

See full text of Bill 308 (In Spanish)

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October 2017

Starting from October 17, the Panama Maritime Authority will be opening new offices in London, Manila, and Dubai for the international registration of vessels.

The aim of the Panama Maritime Authority is to have a closer relationship with international clients, and to increase registration of vessels from non-traditional markets such as gas, cruise ships and yachts, since "...

Bonuses for Flagging Vessels in Panama

August 2015

In order to reduce the average age of the fleet the Maritime Authority is offering discounts until December 2016 of up to 100% on the rate of registration of new vessels.

Resolution 106-67-DGMM published in La Gaceta:

FIRST: grant a waiver which is additional to the discounts provided for in the Act No.

Incentives for Vessel Registration in Panama

August 2014

Discounts of up to 35% on the registration fee and the annual consular fee will be granted to the ships registered under the Panamanian flag.

Through a resolution published in the Official Newspaper La Gaceta, the Directorate General of Merchant Marine Services has been authorized to grant discounts, additional to those contained in the legislation, to those who register ships under the Panamanian flag.

Panama: Maritime Labour Convention

February 2013

The country with the largest ship registry in the world still does not have regulations for the law to homogenise maritime labor conditions.

A law passed in January 2006 does not have its respective regulations despite the fact that there are only six months left before it will come into effect.