Panama to ban ships over 15 years

PANAMA’s ship registry will no longer accept oil tankers and bulk carriers aged over 15 years in an effort to boost vessel performance and exclude “ghost ships”. 

On Saturday [2 August] an update of MMN 11/2024 was issued, specifying the new requirements of the Precheck process that all vessels interested in registering under the Panamanian flag must meet. The action responds to the analysis of data from inspections and detentions of vessels flying the national flag, the Panamanian Ship Registry said. 

“The PSR has updated its policies to optimise the operational performance of its fleet, minimize the risk of detentions, and prevent the entry of vessels from the so-called “ghost fleet.” From now on, the registration of oil tankers and bulk carriers older than fifteen (15) years will no longer be accepted,” it said. 

A key component of Precheck is the assessment of risks related to sanctions and vessel operations. The regulation was adopted after the General Directorate of the Merchant Marine identified that 71% of fleet detentions between 2023 and the first half of 2025 corresponded to bulk carriers, general cargo vessels, and oil tankers older than 15 years. 

“As the flag state, Panama maintains ongoing monitoring of its fleet and makes adjustments to maintain its level of control and thus increase its compliance levels. 

“Likewise, the registry has activated other mechanisms through Resolution 106-003-DGMM of 3 January, 2025: 

• Additional inspections every three months will be carried out by the Recognized Organization (RO) that issues the statutory certificates, with an annual and/or periodic scope for deficient vessels. 

• Additional verification of the Ship’s Safety Management System (SMS Certificate), with an initial scope and the possibility of increasing its frequency if non-conformities that could affect the Safety Management System are identified. 

“With these proactive actions, the PSR demonstrates its leadership and responsibility. By prioritising quality over quantity and implementing more rigorous oversight mechanisms, it ensures that the Panamanian fleet complies with the most demanding international regulations, thus contributing to a safer and more sustainable industry.” 

According to maritime-hub.com Panama is the world’s second-largest ship registry, with 4,900 vessels totalling 244.3 million gross tonnes, for a 14.55% market share. Liberia is number one, with Marshall Islands third, followed by Hong Kong (China), Singapore and Malta.