SHIP REGISTRY
World’s largest open registry
anama’s Ship Registry, which is under the Panama Maritime Authority’s department of merchant marine, represents 21% of the world’s total merchant fleet and is the world’s largest open registry. A series of reforms and incentives has boosted registration in general and particularly of new buildings reducing the fleet average age at June 2011 to 16 years down from 17 years the year before.
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As of June 2011 the Panama Registry has maintained its leadership with 8,123 vessels exceeding 500 dwt totalling 208.1m gt up from 7,983 vessels and 201.3m gt at December 2010, according to Lloyd’s Register.
Although the number of ships increased slightly, the Register has captured additional tonnage in particular new buildings which have been instrumental ‘in reducing the age of the fleet to 16 years down from 17 years,’ says the head of the Panama registry and AMP’s director of merchant marine, Alfonso Castillero. The Registry has also ‘implemented the necessary arrangements to delete substandard vessels without affecting our growth rate. Our marketing strategy has been the attraction of newly constructed vessels with high tonnage resulting in a more controlled quality in the process of registration,’ he adds. Panama’s merchant fleet represents 21% of the world’s total fleet. Japan is the largest customer of Panama’s Ship Registry followed by Korea, Greece, Hong Kong and others including China and Europe. The Ship Registry has opened new offices in countries where Panama ‘does not have consulates, but does have competitors,’ says AMP administrator, Roberto Linares. Several of such offices were opened in China ‘and more will come in Asia and in Europe,’ he adds. Also the registry launched two Segumar technical offices in Tokyo and Piraeus, and re-opened Segumar New York, which have been well received and applauded
PANAMA MARITIME REVIEW 2011/12
by customers. Segumar new offices in Japan and Greece provide ship owners with a quick response as they can process all documents in 24 hours.
The procedure for the registration of vessels encompasses all types of vessels whether they are of cargo, passengers or dredges, barges or any other type. The law does not require that the owner of the vessel be a national of Panama or an entity established in the Republic of Panama and offers fiscal incentives such
The Registry has implemented the necessary
arrangements to delete substandard vessels without affecting our growth rate.
as tax exemptions on earnings. There are no minimum tonnage requirements for the registration and ship owners are allowed to hire crews of any nationality. Applications for the registration of a vessel may be filed, through an attorney, in any of the Panama Consulates around the world or at the AMP’s merchant marine offices in Panama and in the new Registrar’s offices and Segumar offices in Tokyo, Piraeus and New York that offer technical support on a 24/7 basis. Reforms to the Merchant Marine legislation were passed in 2008 and entered force February 2009. The new shipping law (Law 57 of August 6, 2008) eases administrative and legal procedures. The legislation also grants incentives for registering new buildings and to users that register fleets, depending on gross tonnage, type of ships and non detention for consecutive 24 months in PSC inspection. In addition, the Directorate of Merchant Marine issued a new Regulation dated February 9, 2009 that increases the discounts given in Law 57 to newly constructed vessels, loyalty to the Register and transfer of fleets. It is a modern law which fosters competitiveness and since the implementation of Law 57 ‘we have seen an immediate reduction of the age of the fleet,’ says Castillero.
Alfonso Castillero
The General Law of Merchant Marine provides incentives to vessels not detained in any MoU during a period of two years and ‘that [provision] has proved to be very successful,’ says Castillero. ‘It has not only given customers an additional benefit but has improved the quality of the Register [by reducing detentions],’ he adds. Law 57 also gives incentives for innovations in reducing C02 emissions and these incentives were highlighted in the promotion of the new law. In addition, the Panama Flag has received ISO 9001:
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