The Panama Ship Registry has begun a series of meetings to modify the Merchant Marine Law 57 of August 6, 2008, as part of the strategies aimed at maintaining its leadership held since 1993 and improving its competitiveness. This project, considered one of the pillars of the present Administration, contemplates an aggressive and broad international marketing plan, creation of new departments, reassignment of functions to existing departments or sections, adoption of new technologies, among others, in addition to the reengineering and reorientation of the Registry.

The international competitiveness, the dynamic and changing nature of the international maritime sector and the business of the Panamanian State in relation to the Panama Ship Registry require a country’s strategy, that must be based on clear and transparent legislation contributing to the sustainable growth of the activity. This Administration, since it took office in 2019, has continuously analyzed the world maritime industry and monitored the statistics of the Panamanian Registry and its competitors’ registries.

This update and review began in 2020 with meetings with the Panamanian Maritime Law Association (PMLA) and with international clients, ship owners mainly from Greece, Singapore, Japan, Turkey, and the Port State authorities of the Paris MoU, as well as the private consuls of merchant marine, its local representatives. For this year 2022, it is proposed to have a complete revision and an updated standard that provides answers to the Registry’s clients that adjusts to the international market making possible for the Registry to compete on equal terms with other non-state registries that offer innovative options to shipowners.

Source: Panama Ship Registry