Regulation of the Bunker Fuel Industry in Panama

The Panama Maritime Chamber is calling for legislation for fuel services to cover the event of a fuel spill and the operation of ships in domestic waters related to the service.

Wednesday, May 2, 2012

"We have a maritime laws for classification, construction and manning of international ships, but not for ships in national waters," said Joseph DiGeronimo, president of the Maritime Chamber of Panama, reported Prensa.com.

Once the expanded canal is in operation, larger ships will arrive which will need to pump faster, which makes large-scale accidents more likely, estimated DiGeronimo. For those cases, there is a need for staff training and preparation by the respective authorities.

These issues were discussed last week at the "Bunkering Forum 2012" held in order to seek ways to optimize the services in the industry in Panama. In the Panamanian bunkering industry there are between 30 and 35 companies involved in fuel storage and marketing, as well as others that offer barge services to ship bunker fuel.

In 2011, Panama had a capacity to store 5 million barrels of bunker fuel. After the canal expansion, the capacity will increase to 15 million barrels in 2014.



More on this topic

Bunkering in Panama Loses Competitiveness

October 2014

As a hub of maritime services Singapore is winning the race against Panama, which in the past sold 60 million tons of bunker fuel but now only sells 20 million.

This represents a 40% decline in the 'bunkering' market in Panama, due to several factors, including lack of competitiveness in fuel prices not being oil producer.

Demands Over Lack of Mining Law

June 2012

In Honduras there are 151 operating permit applications for mining projects involving huge investments that are waiting to be processed.

Businessmen say that "The lack of a law regulating the mining sector is the main obstacle to the 151 stalled requests by foreign and national investors, who have millions available to exploit deposits in Honduras."

Prospects for the Bunker Fuel Industry in Panama

April 2012

The industry wants to make the country a regional center supply of the fuel.

Representatives from the bunker fuel Industry, which moves about $1 billion, participated in "The Forum for Bunkering 2012" on Thursday in order to reflect on the changes that must be made after the Canal expansion and the arrival of postpanamax ships, said Joseph DiGeronimo, president of the Panamanian Maritime Chamber.

Lack of legislation for microfinance institutions in Central America

August 2008

One of the main obstacles to the development of microcredit institutions in the region is the lack of a legal framework to integrate them in to the formal financial system.

Reynold Walter, president of the Microfinance Network of Central America (Redimif) and who inaugurated the sixth edition of the Central American Microfinance Conference yesterday, commented that, except for Honduras, no other country has a legal framework for that sector.

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