Panama Deregisters 107 Sanctioned Ships from Registry

The Panama Maritime Authority (PMA) has removed 107 vessels flying the Panamanian flag that were listed under international sanctions, with 18 more currently in the process of being deregistered. 

This move is part of the implementation of Executive Decree No. 512, issued on October 18, 2024. The decree gives the PMA the power to cancel the registration of vessels, shipowners, or individuals that appear on global sanctions lists. 

The deregistered ships were identified due to compliance issues or direct listings on sanctions databases maintained by the U.S. Office of Foreign Assets Control (OFAC), the European Union, and the United Kingdom. 

By the end of 2023, the total number of vessels sanctioned worldwide had exceeded 1,000. According to data from S&P Global Market Intelligence, over 800 of those ships were operating without confirmed insurance. 

Adding to safety and environmental concerns, the average age of these sanctioned vessels is 21 years—significantly older than the global fleet average of 13 years. Experts warn that this aging "shadow fleet" poses a mounting risk of serious environmental incidents.