The largest
merchant marine fleet in the world (by dimensions and tonnage) flies the
Panamanian flag. Huge shipping companies, as well as yacht and pleasure ship
owners, choose Panama for registration due to the multiple ship registry
advantages it offers. Through Mossack
Fonseca, you can access ship registration and other legal
services related to Panama’s maritime industry.
Find out
below why Panama should be your first choice for ship registration and other maritime
industry services.
Panama and its Maritime Tradition
The Republic
of Panama has a great maritime tradition. Aside from the Panama Canal, which
celebrated 100 years of operation in August 2014, an open registry system was
adopted in early 1917. This transformed Panama into the state with the largest
merchant marine fleet worldwide, both for dimensions and tonnage. Moreover,
Panama has a modern maritime port cargo network, mainly at the extremities of
the interoceanic waterways, providing important cargo transshipment services to
and from South America and the east coast of the United States of America.
Ship Registry in Panama
Panama’s
Ship Registry is one of the oldest open registry systems in the world. It was
established in 1917, only three years after the inauguration of the Panama
Canal. This structure permits the registration of any merchant, fishing or
pleasure vessel under the Panamanian flag, without having to pay any minimum
fee for Panamanian ship ownership, or fulfill any national operating
requirements, other than those which must be met for ship registry, that is:
guarantee compliance with appropriate seaworthiness standards, legal security
relating to the ship’s title of ownership, facility to transfer ownership, and
guarantee ship credits.
The Panama
Ship Registry is a worldwide leader that satisfies the requirements listed
above and more. A Panama ship ownership title grants full
legal security and its ship mortgage offers exceptional
stability for a creditor’s guarantee as regards the ship’s credits. The
solidity of the title and speediness with which the creditor can process its
credit and ship mortgage are crucial factors that have led the most prestigious
banks and insurance companies in the world to have maximum trust in the
Panamanian ship registration system.
Another
advantage of the Panamanian registry system is the large network of consular
offices maintained by the Republic of Panama around the world. Panama has over
120 consulates, including 70 devoted exclusively to the merchant marine, in
cities and maritime centers of great importance worldwide. Panama’s consulates,
particularly those located in cities engaged in the maritime and
port industry, are well prepared to handle provisional
ship registration requests in an effective and speedy manner.
In addition,
the Panama Maritime Authority offers incentives both to ships that are already
registered and to new registrations. Discounts are offered for customer
loyalty, good practices, new registrations, fleets, and new construction, among
others.
The
Panamanian registration system is fast and easy. Provisional registration can
be done with copies of documents and it takes only one business day. This
provisional registration is valid for six months. During this period, a
permanent ship registration must be made. This speedy provisional registration
permits the shipping company to register and operate ships immediately, while
permanent registration formalities are processed.
To meet your
maritime legal service’s needs, our firm has an experienced team of lawyers specialized
in the requirements, challenges, and procedures of the maritime industry.
Our main
services in this sector include:
• Ship and yacht registration
• Assistance in the purchase-sale of
ships and yachts
• Change of ownership
• Change of dimensions
• Obtaining special licenses and permits
to navigate in Panamanian waters
• Renewal of patents and payment of
taxes for ships
• Legal opinions
• Maritime litigation
• Escrow service
• Assistance in drafting contracts
• Obtaining technical certificates
• Registration and cancellation of ship
mortgages
• Other related services
If you
have any questions or need further information, please do not hesitate to
contact your local Mossack Fonseca Office, or email us at IWillson@mossfon.com or Akourany@mossfon.com
