Recently, in order to implement the Panama Ship Registry's "Optimization of Fleet Structure" policy, improve operational efficiency, and reduce port detention risks, the Panama Maritime Authority has explicitly stated that Panama will no longer accept registration applications for oil tankers and bulk carriers over 15 years old.

According to the announcement, this policy applies to new registration applications or registered vessels changing owners/charterers. If a vessel is already registered in Panama and only changes its name or operating company, it may be exempt from this requirement.

Panama emphasizes that all stakeholders should continue to conduct due diligence and risk assessments, prevent maritime accidents during operations, protect the marine environment, ensure a safe working environment for crew members, avoid illegal activities that contradict policies, and ensure that flag state commitments are fulfilled.

Industry experts indicate that Panama's action is a direct response to the growing number of aging vessels and the safety, environmental, and compliance challenges posed by older vessels in operation.

According to a report by Xclusiv Shipbrokers, as of January 2025, the number of vessels over 21 years old in the global bulk carrier fleet is 1,856, accounting for 13% of the total fleet, representing a 12% increase from the same period last year. The number of vessels aged 16-20 years is 2,269, representing 16% of the total fleet, a 29% year-on-year increase. In the global oil tanker fleet, there are 1,401 tankers over 21 years old, accounting for 18% of the total fleet, a 12% increase compared to the previous year. The number of oil tankers aged 16-20 years is 2,232, representing 29% of the total fleet, a 13% increase from the same period last year.

According to a report published by DNV, the number of maritime accidents worldwide surged by 42% from 2018 to 2024, while the global fleet size only increased by 10%. Mechanical failure is the main cause of accidents, with accidents involving vessels over 25 years old increasing from 32% in 2014 to 41%. Overall, mechanical equipment accidents across all age groups increased by 20% since 2014.

EurOceanic Ship Inspection (Shanghai) Co., Ltd. advises ship owners to pay attention to changes in Panama's ship registry management policies. For second-hand oil tankers and bulk carriers that are newly purchased, ship age verification is recommended. For older vessels already registered, changes in ownership or charterers may require reassessment and face the risk of deregistration. To ensure continuous compliant operations of vessel assets, ship owners are advised to evaluate alternative flag state registration schemes early to avoid potential policy impacts.

The General Manager of the company, Wang Youping, stated, "This new regulation may directly impact the value of bulk carriers and oil tankers over 15 years old. With increased regulatory scrutiny from port states, many flag states are also imposing stricter management requirements on older vessels. For ship owners and ship management companies, regular maintenance and self-inspections, timely compliance with technical and regulatory requirements of flag states, will become crucial measures to ensure compliant vessel operations and reduce risks."