The Panama Flag Ship Registry administered by the Panama Maritime Authority (AMP), added more than 5.9m GRT only in the first half of 2023, according to the institution’s database. According to the international platform IHS Markit, at the end of June the Panama merchant fleet is made up of 8,662 ships totalling 249.8m GRT, reports Hong Kong Maritime Hub.
Improving current retention percentage
The General Directorate of Merchant Marine established a competitiveness strategy for 2023 based on three quality objectives that serve to measure management during this period. The first of them is focused on improving the current retention percentage, 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 have decreased by 6.5%, compared to the same period of the previous year.
In the same way, an objective was established for the acquisition of existing ships that preferably are less than 15 years old. Currently, 54% of the flag registry ships this year have an average age of five years.
Regarding the new construction, a third objective was established focused on improving the acquisition of this segment. At the end of June, the General Directorate of Merchant Marine reported 92% progress, in relation to the period elapsed. In this sense, during the first half of the year, 152 ships have been registered, representing 4,029,826 GRT, with this the sustainability of the ship flag registry business and the compliance of the Panama merchant fleet are sought.
These positive figures are accredited to the improvements in service, investment in technology, human resource training, and the incentive scheme provided for our clients. This Administration has continued to provide support and personalized treatment to its clients, with the 53 Merchant Marine General Consulates and its 22 international Technical Offices.
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Source: Hong Kong Maritime Hub