Panama Cancels Ship Registrations After UK’s Shadow Fleet Crackdown

The Panama Maritime Authority (PMA) has launched expedited cancellation procedures for six Panamanian-flagged vessels recently targeted by UK sanctions.

The action follows the ships’ addition to the United Kingdom’s Consolidated List of Financial Sanctions Targets on November 25, 2024.

Operating under Executive Decree 512, issued in October, the PMA now holds expanded authority to swiftly revoke registration and navigation licenses for vessels appearing on international sanctions lists.

“The State has a fundamental responsibility to protect the integrity of the Panamanian ship registry, ensuring it remains free from international sanctions and unlinked to vessels associated with such listings,” said Ramón Franco, Director General of Merchant Marine. “Safeguarding the prestige of our flag is a top priority for this administration.”

The cancellations are part of Panama’s broader initiative to strengthen its ship registry, which ranks among the world’s largest. Since implementing Executive Decree 512, Panama has already successfully canceled three vessels’ registrations and is processing eight additional annulments.

This latest development coincides with the UK’s most extensive sanctions package targeting Russia’s shadow fleet to date.

The British government this week sanctioned 30 vessels from Russia’s shadow fleet, expanding their total sanctions to 73 Russian tankers—surpassing all other nations. These vessels have been identified as crucial to Russia’s war economy, facilitating the transport of billions of pounds worth of oil and refined products over the past year.

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