Panama Ship Registry

The Panama Ship Registry is a system where ships can be registered under the flag of Panama, a country known for its favorable maritime laws and regulations. This means that foreign ship owners can register their vessels in Panama to benefit from lower taxes, fewer restrictions, and greater privacy. Ships registered in Panama can operate internationally while adhering to the standards set by the Panamanian government, making it one of the largest ship registries in the world. This practice is common in the shipping industry and is often referred to as "flags of convenience."