Panama’s registry has grown by 9.6% since 2019

Panama’s Register has grown in capacity by 9.6%, adding 20.4M GT between July 2019 – when the current administration took over – and July 2022, for a total capacity of 239.4M GT. According to IHS Markit for the month of July 2022, the Panamanian fleet consists of 8,587 ships.

According to statistics from the Maritime Authority of Panama (AMP), in the current year alone, up to July 31, the Register increased by 1.39% and by 3.9 million GT, while maintaining 27% of its fleet . These percentages reflect a significant improvement in the retention rate by 10% until the end of 2021, as well as a reduction – in the same period – by 9.3%, of cancellations by transfer made by the decision of the shipowner or the management company.

At the inauguration of the new management of the Panama Maritime Authority in July 2019, the Register was showing growth in negative numbers (- 2.7%), according to Clarksons Research, which required an immediate change of strategy, as the statistics were not encouraging. But almost a year later, in May 2020, the Register began to show positive numbers, ending the year with growth of 3.9% and an increase of 10.4 million GT.

The Registry of Panama, under the General Directorate of Merchant Marine (General Directorate of Merchant Marine) has defined a series of performance indicators in operational processes to measure the efficiency and quality of its services and productivity. To date and for 2020, the net growth in GT target has been achieved by 68% and the gross growth in ships and gross growth in GT target have been achieved at 100%.

The Maritime Authority of Panama has prioritized the review and update of Law 57, one of the legal frameworks on which the management of the Panamanian fleet is based, a process that began in 2020 and continues, with meetings with the Panama Maritime Law Association (PMLA-APADEMAR).