The Panama-registered merchant fleet, the world's largest since 1993. Ship numbers increased by 4.7% during the first six months of 2008 bringing the total fleet to 7, 965 vessels in June 2008 and taking aggregate gross tonnage to 177.09m gt, up by 5.4% in the first half of 2008.
"The registration of newbuildings constituted 50% of the six month increase," said Panama Maritime Authority (PMA) Director of Merchant Marine Alfonso Castillero.
Reforms to three maritime laws - a maritime commercial law, a general port law on future national and international port concessions and reforms to the merchant marine were approved and signed into law at the beginning of August 2008. The PMA says that the new merchant marine law will ease administrative and legal procedures and offer incentives for newbuildings and loyalty to the flag.
The legislation grants incentives for registering newbuildings and to users that register fleets, depending of gross tonnage and type of ships. Those registering 5-15 ships will receive 20% discount in registration fees; 16-50 vessels qualify for 35% and for 51 vessels and above, a discount of 60% will be granted.
Mr Castillero said: "The new legislation will improve the age of the fleet and create mechanisms that will help Panama's flag to quickly respond to eventual accidents abroad. It is a very modern law which will benefit our loyal customers and the registration of newbuildings."
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