Lifeline for ship owners

PANAMA. The Panama Maritime Authority (AMP) has created a special registry for vessels registered under the country’s flag that are laid up due to the world financial crisis. The measure reduces registry fees by 40 to 50 percent and the vessels included in the Laid Up Registry need neither full crew manning nor regular inspections.

The special registry will be valid for one year, and could be extended by one additional year.

The resolution that creates the Special Registry warns the owner or ship operators that the vessel registered under the Lay Up Special Registry Patent cannot be used for navigation and should comply will all the minimum safety and pollution prevention requirements in order to make sure it is not a potential threat to the environment or the port where it is laid up.

“If the vessel does not comply with this regulation it could be deleted for our registry, according to the formalities of the law,” says the Merchant Marine Director General Alfonso Castillero.

“We consider it was necessary to take administrative actions to mitigate the crisis and reduce our customers and ship owners’ actual financial load,” adds Mr. Castillero.

“The owner can reactivate the vessel whenever he decides to do it, providing there is an inspection by a Recognized Organization that certifies the vessel satisfies national and international regulations.”

Panama’s Merchant Marine totaled 8,487 vessels and 180 179m gt at the end of March, keeping its position as the largest register.