The renewal of your merchant fleet Panama is one of the quality objectives of the Panama Maritime Authority (PMA), which is why registration is prioritized ships under 15 years of age in the Panamanian registry.
As a result, 57% of the vessels registered this year have an average age of four years. These vessels come mainly from the Asian market, a region where the Panamanian registry has technical offices (Japan, Singapore, South Korea, China, Hong Kong and the Philippines).
Among the strategies to improve PMA indicators is the attraction of newly built vessels. The latest figures reveal compliance indicators of 105%, which means that Panama exceeded its own expectations at the end of the first week of July 2024.
The fleet consolidation process is also part of PMA’s plan to continue positioning itself globally. This consists of ensuring that vessels in the Panamanian shipping register comply with applicable international regulations, which is why more than 5 million GT tons have been cancelled ex officio this year.
The PMA, through the General Directorate of the Merchant Navy, carried out 771 new registrations this year, which translates into 16.8 million gross tonnage (GT).
Panama’s maritime registry has 8,606 vessels, representing more than 247.7 million GT, according to the IHS Markit international platform.
Furthermore, Panama is responsible for 15% of the world’s tonnage, as shown in the “World Fleet Monitor” report, published at the end of June 2024 by Clarkson Research.