In its most firm action to date to counter dark fleet registrations, the Panamanian Ship Registry, the world’s second-largest flag, will no longer accept tankers or bulk carriers aged more than 15 years old.
“By prioritizing 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,” the registry stated in a release.
Panama has come in for criticism over the large number of shadow fleet tankers on its books, subsequently acting to deregister many vessels.
The number of vessels hit by sanctions surpassed 1,000 by the end of last year with data from S&P Global Market Intelligence showing that more 800 of these ships do not have confirmed insurance. Moreover, the average age of sanctioned ships – 21 years – is some eight years older than the global average, adding to growing concern that the sprawling so-called shadow fleet could lead to multiple costly environmental catastrophes.
