According to La Estrella, shipping companies are opting for Panamanian ship registry.
According to the Panama Maritime Authority (AMP), ship registration presents an opportunity for development in Panama. Currently, there are over 8,400 registered ships under the Panamanian flag – more than any country in the world.
It has been predicted that shipping companies will continue with Panamanian registry, due to the most favorable legislation worldwide. Advantages to both merchant ships and cruise ships include: A faster process that takes only hours for registration; discounts based on ship’s tonnage and type; flexibility based on the nationality of the crew and ship’s owners; judicial safety to clients; and a consular offices in Panama that work with worldwide shipping offices.
This is good for Panama and its development. Direct annual income from ship registration accounts for over $70 million and the income derived indirectly accounts for over $150 million.
Director of Merchant Shipping, Alfonso Castillero claims that from 2007 to 2008, there was an increase of 11% of registered ships. He expects the registry to grow at least another 9%. In the 1st quarter, there were 347 ships registered – 151 of which were brand new ships.
This allows Panama to become a larger player in the international maritime market….Interested in moving, retiring or relocating to Panama? Visit Panama-Land-for-Sale.com to see real estate listings in Panama and Portobelo. Click here to view land, condos and businesses for sale in Panama!
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