Panama is strengthening regulations for registering commercial vessels to crack down on the so-called “shadow fleet” used to transport Russian oil circumventing international sanctions.
Starting this month, Panama will stop registering oil tankers older than 15 years.
As the world’s second-largest commercial ship registry, Panama’s move will significantly impact global maritime trade. Additionally, tanker inspections will increase, with checks every three months to ensure compliance with certification standards for vessels flying the Panamanian flag.
These new restrictions will hit a large part of Russia’s shadow fleet hard, as the average age of tankers carrying Russian oil is between 20 and 25 years.
Earlier, the Bahamas Maritime Authority announced it would deregister ships owned or operated by Russian companies or involved in trade with Russia flying the Bahamian flag.
The Caribbean regulator warned that any Bahamian-flagged vessel subject to sanctions is likely to be removed from its registry.
