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Panama Ship Registry ends 2020 with 6pc increase in gross tonnage

THE Panama Ship Registry has reached 230,577,081 gross tonnes with 8,516 vessels, a growth of 6

18 January 2021 - 19:00
THE Panama Ship Registry has reached 230,577,081 gross tonnes with 8,516 vessels, a growth of 6.22 per cent compared to 217,083,822 gross tonnes in December 2019, according to IHS MARKIT.

It is the first time, the Panamanian flag has attained the 230 million gross tonnes mark and the best growth since the end of 2011, 'figures which make us very proud,' said Rafael Cigarruista, director of the Panama Ship Registry.



The Register has introduced last year, a series of improvements including a complete re-engineering with market analyses and the introduction of electronic documents for greater users' satisfaction, according to registry statement.



'The Registry, despite the global economic slowdown created by Covid-19, shows positive figures,' said Mr Cigarruista. 'There are fewer vessels, less new construction, more competitors, more international enforcements; even though, we have achieved a milestone for the Registry in spite of the pandemic.'



Between January and December 2020, the Registry added 1,033 vessels to its fleet, and 29.7 million gross tonnes, according to the Panama Maritime Authority's Vessel Report. Of this group, the 339 newly built vessels flying the national flag stand out, totalling 14.3 million gross tonnes. These figures are the best for the Panamanian Registry since 2011.



The percentage of ship cancellations and tonnage transfers to other registries in 2020 has been reduced by almost 25.8 per cent. This reduction was the lowest in the last 10 years. Decisive actions and timely analyses have definitely generated a positive growth for the Panama Ship Registry.



'We have managed to reduce cancellations due to fleet transfers. This data is important since it shows that shipowners maintain their confidence in the services given by the Registry,' he said.



The Panamanian flag flies over 16 per cent of the world maritime fleet, in terms of gross tonnage, according to Clarksons Research.



'We will continue to put our greatest effort and focus on maintaining the sustained growth of the Registry during the next years by taking the pertinent decisions for the best benefit of our users,' concluded the director of the Panama Registry of Ships, Mr Cigarruista said.


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