Panama has made history by registering 358 newly built ships, totaling over 8.5 million Gross Tonnage, solidifying its position as the world leader in ship registration. The Panama Maritime Authority’s strategic initiatives and incentives have attracted shipowners, showcasing its commitment to sustainability and advancement in the maritime sector.
The Panama Maritime Authority swiftly canceled registration of six Panamanian vessels on the UK Sanctions List. Director General Ramón Franco prioritized the registry’s integrity, already canceling three ships with eight more in process. This proactive approach upholds international standards and demonstrates Panama’s commitment to a reputable maritime registry.
The Panama Maritime Authority (PMA) celebrated the signing of a crucial agreement between Columbus University and Kobe University, aiming to enhance maritime education and research in the country. This strategic alliance will train skilled professionals, promote innovation, and solidify Panama’s position as a global leader in the maritime sector.
The Panamanian Maritime Authority confirmed a fatal explosion on the Panama-registered containership Maersk Frankfurt in the Arabian Sea. The blast, believed to be caused by an electrical short, led to a fire that engulfed the vessel. Indian Coast Guard vessels were deployed to extinguish the flames, with one crew member tragically losing their life in the incident. Evacuation was not yet necessary.
The Panama Canal Authority is increasing capacity and reducing restrictions to address concerns of larger vessels. By July, the Neopanamax Locks will have nine daily transits, and the Panamax Locks will increase to 25 daily transits. The maximum draft will be increased to 46 feet, with plans for a new reservoir to accommodate more transits. Despite recent challenges, the Authority remains committed to maintaining canal operations.
The Panama Canal Authority worked to clean up an oil spill in one of the locks near Balboa after the MSC Kataya R. experienced a spill during transit to Ecuador. The vessel, held in the lock chamber during cleanup, was later moved to Panama Anchorage. With plans to increase daily transits and draft levels, the authority aims to ease transit for vessels as water levels improve.
Inflation hawks can now relax as maritime shipping rates are trending down, easing concerns of higher consumer goods prices globally. The spike in rates earlier this year was fueled by pandemic-induced supply chain disruptions. Recent incidents, like the Red Sea shipping lane shutdown by Houthi rebels, have further impacted global shipping routes.
Panama’s maritime authority denies knowledge of Iranian-owned ships on its registry following U.S. concerns. The U.S. urged Panama to ban Iranian ships flagged by Washington. Panama, with the world’s largest shipping registry, offers flags of convenience for ships without ties to the country. No formal de-registration requests have been made since 2020.
The Panama Ship Registry maintained its industry leadership in 2023, modernizing the registry and purging non-compliant vessels. With 8,540 vessels, it became the largest registry by number of ships, despite competition from the rapidly growing Liberian flag registry. Panama’s focus on fleet quality and compliance led to the cancellation of 161 vessels in 2023.
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Following Stories compiled in this News Digest for the week from 27 Dec 2021 to 02 Jan 2022 in descending…
