Advantages
Panamanian Registry offer many advantages for all ship owners who wish to register their vessels under the Panamanian flag:
Competitive Costs
Reasonable costs compared to other Jurisdictions.
Minimum Tonnage
There is no minimum tonnage required for the registration of a vessel.
No Restriction on Nationality
Any person or company are welcome to register vessels under the Panamanian flag.
Name Registration
It is possible to reserve in advance the name of a vessel under construction, or scheduled for construction, if the vessel’s name is available.
24 Hours Service by Directorate General of Merchant Marine (DIGEMAR) and Segumar Panama Office (SEGUMAR)
You may contact DIGEMAR or SEGUMAR 24 hours a day, 7 days a week for assistance.
Dual Registration Possible
Panamanian Legislation allows dual registration in the case of charter party or bareboat contract. Where a charter party contract exists, it is possible that the vessels be registered in two jurisdictions if the government of the other country also consents the dual registration.
Fleet Discounts
When registering three or more vessels, with a combined gross tonnage of 50,000 to 100,000 GRT, a ship-owner may qualify for a discount in registration fees of 20% (up to 50% if the tonnage exceeds 100,000 GRT. Additionally, fleets whose combined tonnage is over 100,000 GRT may receive a discount of 50% of the annual tonnage tax.
Those requests are assessed, prior to registration, by the Shipping Department of the Maritime Authority, which will evaluate them on the basis of the type of vessel, the year of construction and the shipowner’s background with the Panamanian Registry.
New Built Vessels’ Discount and Vessels Under Five (5) Years Discount
With respect to new built vessel and vessel under five (5) years, Ship owners are entitle to apply for a discount on the registration fees and annual taxes for the first three (3) years of its registration in the Merchant Marine of Panama. For more details please contact our shipping department by e-mail : shipping@panamaconsulatehk.com
Advantage of Preliminary Registration of Title /Mortgage
Preliminary registration of title/mortgage is easily accepted by US, European and worldwide banks as providing satisfactorily security.
Major Class Societies Accepted
All major Class Societies and members of IACS are authorized by Panama to survey Panamanian vessels.
Tax Advantages
Income derived by vessels engaged in international trade is not taxed by the Republic of Panama.
Vessels under Construction can obtain Provisional Registration
Vessels under constructions may also apply for the provisional registration.