Panama Encourages Registration of New Vessels

The Maritime Authority has implemented an electronic system that streamlines the process of flag registration and automates the application of economic incentives for newly registered boats.

Tuesday, January 6, 2015

This new way of applying economic incentives for newly constructed ships simplifies the process and eliminates "... the submission of a formal discount via memorial (before flag registration), the manual calculation of the amounts payable by ship which was done by the Directorate and sets out equal application of these incentives. "

"... This innovation goes beyond the economy of time and effort, since users can benefit from this advance from anywhere in the world, including more than 60 proprietary Merchant Marine consulates.

"... Discounts and waivers can be up to 100%, as is pointed out by the Law No. 57 of August 6, 2008 General of Merchant Marine and Resolution No. 106-65 Additional Waivers-DGMM. "

¿Busca soluciones de inteligencia comercial para su empresa?

More on this topic

Panama Seeks to Register More International Vessels

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.

Vessel Registration in Panama

February 2012

The registration of vessels carrying the Panamanian flag represents 22.3% of the worldwide maritime fleet, contributing $70 million to the state and another $200 million to the economy indirectly.

The Directorate General of Merchant Marine seeks to increase the international registration of ships carrying the Panamanian flag, attracting new customers or operators.

Panama Purges Shipping Registry

January 2011

The country managed to get out of the gray list of the Paris Memorandum of Understanding (MOU Paris).

According to a preliminary report by the Panama Maritime Authority (AMP), the registry indicates that of the 8.391 inspections conducted between 2008 and 2010, only 485 vessels were detained, some 64 below the limit, which was of 549.