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 "...
Before September 2017 Panamanian vessels weighing over 400 tons must install ballast water treatment equipment, ranging in cost from $900,000 to $2 million.
Vessels in the Panamanian merchant fleet have until September 8, 2017 to purchase and install equipment for ballast water treatment and comply with the international convention for the control and management of ballast water and sediments.
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. 57 of August 6, 2008 based on the Article 8. of up to one hundred percent (100%) on all those newly built vessels that fall under the Panamanian Merchant Marine from the effective date of this Resolution until December 31, 2016, from the following fees and charges;
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.
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. "
From January 2015 companies that inspect and certify foreign ships under the Panamanian flag must be audited by the Maritime Authority so that the quality of services provided can be assessed.
From the resolution given by the Board of the Maritime Authority of Panama:
First article: order execution of an AUDIT PLAN for all auxiliary entities which are Recognized Organizations, Classification Societies and Recognized Security Organizations approved by the Republic of Panama, for the purpose of determining management, competition, means, capacity and quality of services, which will start from 2015, under the parameters of Resolution MSC.349 (92) adopted on July 21, 2013, Resolution No. 106-11-DGMM of March 16, 2009. ... And the international conventions ratified by the Republic of Panama.
The Panama Maritime Authority has authorized that from now on recording of original ship mortgages will be done in English, without the need to submit translations into Spanish.
From a statement issued by the Panama Maritime Authority (AMP):
The Panama Maritime Authority (AMP) has hit a new milestone for the Panamanian Merchant Marine, having registered the first ship mortgage in the English language.
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.
While the canal expansion is not finished the Maersk and Evergreen shipping lines are transporting goods in post Panamax ships through the Suez Canal.
The Panama Canal Authority (ACP) estimated that the temporary transfer of some of the services of Evergreen and Maersk Line shipping means they will lose out on $44 and $30 million respectively. To date, the expansion works are 75% complete and it is expected that the new locks will begin operating in January 2016.
Expectations are for an increase of between 8% and 12% due to use of space in the Caribbean Sea which until last year was under Colombian sovereignty.
According to the executive director of the Nicaraguan Institute of Fisheries and Aquaculture (INPESCA), Steadman Fagoth Müller, profits from fishing activities are expected of up to $270 million at year-end, compared with the $248 million generated last year.
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.
Capital.com.pa reports that "the Panama Maritime Authority (AMP by its initials in Spanish) reported that there is already a document agreed between the parties and that it is up to the respective Executive for discussion and approval."
A recently passed tax reform in Greece joins the other threats to the registration of ships in Panama.
A tax reform recently passed by the Greek parliament could affect the registration of ships in Panama.
This tax reform will have consequences for the country’s ship owners who control about 16% of the world’s merchant fleet.
"The owners have agreed to pay taxes on tonnage of vessels flying foreign flags and the government has ensured that companies retain their tax-free status on future dividends", said G. Achilleas Miltsanidis, tax manager at Deloitte Business Solutions in Athens to ShippingWatch.
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.
The organization will open up membership to foreign ship owners registered in the country.
For the first time in history, foreign-owned ships registered in Panama may join the Chamber of Shipping.
Through this membership they will have access to services and added value provided by the Chamber, such as an important network of contacts, representation in international missions, and information and training, among other things.
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.
"In 2009 Panama passed from the blacklist to the gray list, but the Merchant Marine Department implemented a series of measures to reduce the number of arrests and reach the white list. The key was to perfect the register without affecting growth and improve the fleet´s quality control, said a representative of the AMP," reports the article in Prensa.com.
Some 765 thousand international cargo ships that will come into operation by 2010 have applied for a Panamanian flag.
In the competition that several nations have for ship registry, Panama continues to exert its leadership, particularly in the important area of new vessels, followed by Singapore where 852 new ships have requested registry.
Alfonso Castillero, director general of Shipping, informed Prensa.com: "Singapore is the closest competitor to Panama with 852 new units, followed by Marshall Islands with 621 units, Cyprus with 458, Germany with 423 and Holland with 370. New ship registry is very important for the countries competing in this market. "
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