Panama moves closer to modernising ship registration regime

The Panama Maritime Authority (PMA) is one step closer to modernising its ship registration regime after its roundtable with the International Association of Recognised Organisations (IARO).

Through the Directorate General of Merchant Marine (DGMM), Panama’s Ship Registry requirements were reviewed, updated and brought into line with international market demands by the PMA and IARO.

Through this collective endeavour, Panama enhances the trust that international shipowners have in its flag and maintains its position as a world leader in merchant shipping.

Key topics discussed

Key industrial issues that were discussed included environmental preservation, maritime safety and the requirement for a contemporary and open regulatory framework, according to a statement published by the Panama Maritime Authority.

Through these initiatives, Panama hopes to preserve its position as a world leader while adjusting to the changing requirements of international trade and the International Maritime Organisation’s (IMO) changing norms.

“We must see the Panamanian Registry as a single team. It’s not only the PMA’s responsibility, maritime lawyers and Recognised Organisations must also drive projects and new measures to strengthen competitiveness,” Ramón Franco, director General of Merchant Marine, said.

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IARO agrees

IARO president Santiago Torrijos Oro, for his part, emphasised that collaboration with the PMA will raise Panama’s profile internationally.

“The measures may seem drastic, but they are necessary to remain one of the world’s most prestigious flags,” he said.

The IARO plays a crucial role in guaranteeing the ongoing development of the Panamanian flag by bringing together classification societies approved by the PMA to inspect and certify vessels.

The meeting, which brought together top IARO classification societies and PMA officials, has been a significant step in upgrading Panama’s ship registration system.

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