Discounts for vessels – PANAMA

Discounts for vessels which are enrolled before December 31st, 2015

We are pleased to announce that the resolutions of the General Directorate of Merchant Marine No. 106-65-DGMM and 106-66-DGMM with significant incentives for the maritime sector have been published in Official Gazette No. 27628 of September 24th, 2014 which we share as follows:

IMPORTANT ISSUES OF THE RESOLUTION No. 106-65-DGMM

As of September 17th, 2014 until December 31st, 2015, all vessels of new construction with a registered gross tonnage above 10,000 and built in shipyards located in Japan, Hong Kong, People’s Republic of China, Singapore, South Korea del Sur, Taiwan, Philippines, Indonesia, Vietnam, France, Germany, Norway, Holland and Italy. The same benefit shall apply to all new built MODUS. For those vessels of new construction which do not comply with the above, other incentives shall apply.

Discounts shall be granted up to 100% on the Registration Fee, Annual Consular Fee, Casualty Investigation Fee, Inspection Fee, Fee of 0.03% per each Net Tonnage.

IMPORTANT ISSUES OF THE RESOLUTION No. 106-66-DGMM

Up to 100% discount is granted for the term of two (2) years, to all those vessels which register in the Panamanian Merchant Marine, as of September 17th, 2014 until December 31st, 2015 regarding the Registration Fee, Annual Consular Fee, Casualty Investigation Fee, Fee of 0.03% per each Net Tonnage.

This discount or waiver shall be granted under certain conditions such as:

  • Have been previously registered within the Panamanian Merchant Marine;
  • Have a Registered Gross Tonnage over 10,000 (GT);
  • Less than 10 years of construction;
  • Vessel is not listed neither on the MOU Detention List nor on the Security Council of the UN;
  • The deletion of the Vessel before the Panamanian Registry was not due to causes affecting national interests.

Vessels which benefit from this discount must remain registered for a period of five years in the Panamanian Registry. In the event that a vessel is deleted before said term, it shall pay all fees and charges discounted.

Among other considerations, it is important to emphasize that these discounts (both resolutions) shall only apply for one year period from the enrollment, as long as the vessel is not enrolled after December 31st, 2015.

Kindly contact our experts in Maritime Law to learn more about this subject bd@icazalaw.com.

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