Panama continues to maintain its position as the leader of the global merchant fleet

The Panamanian registry was established in 1925 and has been leading the market since the 1990s.

By EFE

Panama remains the leader in the global merchant fleet with a total of 8,540 flagged vessels and 251.1 million gross tonnage (GT), representing 16% of the international maritime market, authorities reported on Monday.

The Panama Maritime Authority (AMP) provided these figures citing data from the international platform IHS Markit and the most recent report called World Fleet Monitor from the Clarkson’s Research platform.

The Panama Ship Registry saw a net growth of 83 vessels in 2023, representing 7.2 million GT, and maintained a retention rate of 29%, according to the AMP database, the agency said in a press release.

56.7% of the vessels that entered the Panamanian registry in 2023 were less than 15 years old, with an average age of 4 years, the maritime authority noted.

In 2023, the AMP “officially” canceled 161 vessels, representing 1.2 million GT and an average age of 17 years, 78 of which were related to issues of undeclared and unregulated fishing.

The Panamanian registry was established in 1925 and has been leading the market since the 1990s. It reports direct or indirect revenues to the public treasury of between 125 and 150 million dollars per year.

It is an open registry, which means it does not require ship owners to have Panamanian nationality or residency.