The Panama Maritime Authority (PMA) has officially deregistered 107 Panamanian-flagged vessels listed under international sanctions, according to Consulate General of the Republic of Panama.
An additional 18 vessels are currently undergoing the deregistration process. This action follows Executive Decree No. 512 of October 18, 2024, which grants the PMA the authority to unilaterally cancel the registration of vessels, registered individuals, and shipowners that appear on international sanctions lists issued by OFAC, the European Union, and the United Kingdom.
Historically, the deregistration of vessels involved in illicit activities took approximately three months under the General Merchant Marine Law (Law No. 57), Article 49. Executive Decree No. 512 was enacted to expedite this process, enabling the immediate deregistration of ships whose owners or vessels appear on the specified international sanctions lists.
The Panamanian Government aims to prevent sanctioned vessels and shipowners from operating under its flag while respecting maritime mortgages and the legal rights of involved parties.
To mitigate risks, the pre-registration analysis process has been strengthened to consider the background and operational history of owners and operators, alongside the vessel’s technical criteria. Risk matrices and technological platform upgrades have also been implemented to identify potentially illicit vessels.
The Directorate General of Merchant Marine is currently reviewing national legislation to further strengthen the Panamanian Merchant Marine and ensure rigorous oversight in line with international conventions, aiming to enhance fleet performance and compliance with safety standards. Through these measures, Panama reaffirms its commitment to transparency, security, and the fight against the misuse of its flag for illicit activities.
The Panama Ship Registry closed 2024 with a total of 8,773 ships and 248.8 million Gross Register Tonnage (GRT).