PANAMA SETS ITS SIGHTS ON YACHTING

HFW in its Yachts Marketing Bulletin on 25th September reported that the Panama Maritime Authority has for many years been one of the largest shipping registries in the world but for a number of reasons it has never had much of a presence in the yachting industry.  However, PMA announced on 18th September that it will be adopting the Red Ensign Group Yacht Code with effect from 1st January and that it will be accepting the registration of commercial vessels under both Parts A and B of the Code, said to bring much needed clarity to the registration of commercial yachts in Panama.  HFW says that the Panamanian registry has been running since 1917, has about 22% of the world’s commercial fleet on its books and, as an ‘open registry’, has very limited restrictions on ownership.

http://www.hfw.com/2018-Yachts-Market-Briefing-Sep-2018

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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