Panama has achieved an impressive 96.5% compliance rate with international standards for maritime safety and environmental protection, according to recent assessments.
The Panamanian fleet undergoes regular evaluations based on criteria established by various international instruments, including Memoranda of Understanding (MoUs) such as Paris, Tokyo, Mediterranean, Indian Ocean, Black Sea, US Coast Guard, Caribbean, Riyadh and Abuja, and the Viña del Mar Agreement.
The Panama Maritime Authority (AMP), through the Directorate General of Merchant Marine (DGMM), has intensified its efforts to ensure the quality of its fleet, removing from the registry those vessels that do not meet the required standards.
"We have maintained a zero-tolerance policy for any attempt to misuse the Panamanian registry. We are not a haven for sanctions evasion. Our priority is to attract young and newly built ships that comply with international regulations," said Ramón Franco, director general of the DGMM.
Panama has positioned itself favorably in the World Fleet Monitor report by Clarksons Research, flying the flag for 15% of the world's merchant fleet tonnage. In 2024, the Panama Ship Registry experienced a net growth of 468 vessels, reaching a total of 8,773 ships and 248.8 million in Gross Tonnage (GT) by year-end, according to the international platform IHS Markit.
Panama's commitment to modernizing and sustaining its fleet is reflected in the registration of 408 newly constructed vessels in 2024, representing more than 9.4 million GT.
Panama Maritime Authority (AMP) is the government entity responsible for regulating and overseeing maritime activities in Panama.