Panama Ship Registry Stands at 8,662 Vessels

The Panama Flag Ship Registry administered by the Panama Maritime Authority (AMP) reports that it added more than 5.9 million gross registered tons in the first half of 2023, and according to IHS Markit, at the end of June the Panama merchant fleet is made up of 8,662 ships totaling 249.8 million grt.
As part of its competiveness strategy, the General Directorate of Merchant Marine in 2023 has established three quality objectives:

1. Improve retention, compared to the last 10 years: By 2023, the Flag Registry reported retention of 37%, a figure that exceeds the average of the last 10 years (13.8%). In addition, transfer cancellations decreased 6.5%, compared to the same period of the previous year.
2. Acquire existing ships that are less than 15 years old: Currently, 54% of the flag registry ships this year have an average age of 5 years.
3. Improve acquisition of new construction ships: During the first half of the year, 152 ships have been registered in this category.