Panama continues to lead the world’s merchant fleet

Panama consolidated its position as the undisputed leader of the merchant fleet worldwide during the past year

Panama consolidated its position as the undisputed leader of the merchant fleet worldwide over the past year. With an impressive total of 8,540 flagged vessels and a gross registered tonnage (GRT) of 251.1 million, the Central American country captured 16% of the international maritime market. These figures, released by the Panama Maritime Authority (AMP), are based on data from the renowned IHS Markit platform and the Clarksons Research World Fleet Monitor report.

In a statement issued by the AMP, it was revealed that the Panama Ship Registry experienced significant net growth in 2023. With the addition of 83 new ships, representing 7.2 million GRT, the register maintained a retention rate of 29%. This growth is supported by data collected by the AMP’s own database.

A relevant detail is that more than half of the boats added to the Panamanian registry last year, specifically 56.7%, are less than 15 years old, boasting an average age of only 4 years.

In a decisive action to maintain the quality of its fleet, the AMP automatically cancelled 161 ships during 2023. These vessels totalled 1.2 million GRT and had an average age of 17 years. Of these, 78 were related to unreported and unregulated fishing.

Since its inception in 1925, the Panamanian registry has climbed to market leadership since the 1990s. Its economic impact is significant, with direct or indirect revenues ranging from $125 million to $150 million per year.

The Panama registry is characterized by being an open system, which does not impose nationality or residency restrictions on boat owners. This model has been key to its success and to consolidate its leadership in the international maritime sector.

K. Tovar

Source: Bancaynegocios

(Reference image source: Venti Views, Unsplash)

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