I read an great newsletter from the law firm of Mossack Fonseca talking about the maritime industry of Panama.

Maritime legal services in Panama
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 fulfil 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 Panamanian ship registry is a worldwide leader that satisfies these requirements. Panama’s ship ownership title grants full legal security and its ship mortgage offers exceptional stability for 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 centres 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. For example, a loyalty discount and good practice discount; and for new registrations, a fleet discount and a new construction discount, among others.
The Panamanian registration system allows rapid registration. The formality to obtain 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 ship company to register and operate ships immediately, while permanent registration formalities are processed.

Maritime services offered by Mossack Fonseca
To meet your maritime legal services 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 to purchase-sale ships and yachts
• Change of owner
• Change of dimensions
• Obtaining special licences and permits to navigate in Panamanian waters
• Renewal of patents and payment of taxes for ships
• Legal opinions
• Maritime litigation
• Escrow service
• Assistance to draft contracts
• Obtaining technical certificates
• Registration and cancellation of ship mortgages
• Other related services
Call us today and obtain the advice you require to meet your needs in the shipping industry.
If you have any questions or need any further information, please do not hesitate to contact your local Mossack Fonseca office, or email us at IWillson@mossfon.com or Akourany@mossfon.com