Panama Maritime Authority Deregisters Sanctioned Vessels

The Panama Maritime Authority (PMA) has taken decisive action by deregistering 107 vessels flying the Panamanian flag that were listed under international sanctions. An additional 18 vessels are currently in the process of deregistration. This move aligns with Executive Decree No. 512, enacted on October 18, 2024, which empowers the PMA to unilaterally cancel the registration of vessels and individuals associated with sanctions.

Compliance with International Sanctions

The deregistered vessels were flagged due to compliance issues and their inclusion on sanctions lists issued by the Office of Foreign Assets Control (OFAC), the European Union, and the United Kingdom. This significant step reflects the PMA’s commitment to adhering to international regulations and maintaining the integrity of the maritime sector.

As of the end of last year, over 1,000 vessels had been subjected to sanctions, with more than 800 lacking confirmed insurance coverage. The average age of these sanctioned ships stands at 21 years, which is notably eight years older than the global average. This aging fleet raises alarms about potential environmental risks associated with the so-called shadow fleet, which could lead to costly maritime disasters.

By taking these measures, the PMA aims to mitigate the risks posed by these vessels and ensure compliance with international maritime laws. The action underscores the importance of regulatory oversight in safeguarding the global shipping industry and protecting marine environments.