THE ADVANTAGES OF PANAMA SHIP REGISTRY
Any person, natural or legal, regardless of nationality or place of origin, is eligible to register vessels under the Panama flag. The registration procedure is simple and expedite, which allows the vessel to complete its registration within 6 hours or less.
The Panama Register is certified ISO 9001:2000 by Lloyd’s Register Quality Assurance, one of the most prestigious organizations in the maritime community.
Why the Panamanian Ship Registry is the one of more selected by the ship owners around the world?
Competitive Advantages of the International Ship Registry of Panama:
Panama, a pioneer in ship register
- In 1917, the first International Ship Registry in the world is created in Panama by the Law 63 of December 15, 1917.
- Since 1993, it's the leading vessel registry. Currently with more than 8,000 international
merchant marine vessels registered, counting with 18% of the world's merchant fleet.
- Recognized by financial and insurance institutions around the globe, it represents a shipping fleet exceeding 200 million gross tons.
- Panama is member of Directory board of IMO and placed on white list of this organization.
A very high flexibility
- In matters of nationality: any natural or legal person can register their ships under the Panamanian flag..
- In matters of tonnage: no requirements for minimum tonnage is required.
- In matters of registry type: a provisional and permanent registration (or double registration) is carried out in parallel.
- Up to 60% discount for Special Fleet / Economic Group.
- Up to 100% discount for new construction.
- 15% for ships registered in Panama, based on good performance (Port Rector State).
A network of Global Offices Network
- 9 Regional Offices of Segumar and 64 Private Consulates of Merchant Marine all of the world.
- Availability 24/7
- More than 200 flag inspectors.
A commitment to the environment
- Eco Ship and Greenship: special discount for operators and ship-owners who demonstrate innovations for the reduction of air pollution and the conservation of the marine environment.
What benefits does the Republic of Panama be the number one in ship registration?
- Opportunity to provide diverse services to the main operators and ship-owners worldwide.
- The voice of Panama is decisive and has special relevance in the main international maritime forums.
- The main players in our maritime business are owners and operators of ships of different nationalities that enjoy prestige and vast experience in different business forums worldwide.
- Panama is, since 2002, in Category A of the International Maritime Organization (IMO) (made up of 10 nations considered world sea powers) - re-elected for the 2016-2017 biennium.
- More than 25 trillion US dollars guaranteed by naval mortgages, a system that has been considered one of the best in the world in stability and legal protection, in addition to having the support of national and international banking, being the largest merchant marine in the world.
- With regard to contributions to the economy, education and national culture, the strategic value of the Panamanian Ship Registry is by the contributions made to the State budget, being the amount of USD 70.5 million. Moreover, creates direct and indirect jobs and investment projects to the various sectors of the national reality, generating a multiplier effect on the welfare, development, progress and improvement of the quality of life of all Panamanians.
- The maximum use of the geographical position of Panama that has always favored and established importance for international trade, being a maritime business center in which the main maritime routes converge between the Western world and the Far East.
What are the additional incentives?
For the Lay-up registration only meeting the minimum safety and pollution prevention requirements is sufficient. This type of registration does not require any on-board certificates
- If the vessel re-enters service, the only requirement is a special inspection by a Recognized Organization, to be reported to the Merchant Navy Authority (DGMM).
- The owner can save the 40% of cost compared with standard registration in Panama.
- During long periods of lay-up you can benefit from a reduction in crew-related costs.