Panama intensifies fight against russia's ‘shadow fleet’

This month, the country will stop registering oil tankers that are more than 15 years old.

This move will have a significant impact on global maritime trade, as Panama is the second largest registrar of commercial vessels in the world. In addition, additional inspections of tankers will be carried out every three months to ensure compliance with certification requirements for vessels flying the Panamanian flag.

The new restrictions will directly affect a significant part of russia's ‘shadow fleet,’ as the average age of tankers carrying russian oil is 20-25 years.

Two weeks earlier, the Maritime Authority of the Commonwealth of the Bahamas announced that ships owned by russian companies, operated by them or involved in trade with russia and flying the Bahamian flag would be removed from the register. The Caribbean regulator has stated explicitly that if a vessel flying the Bahamian flag is subject to sanctions, the likely consequence will be its removal from the state ship register.

Source: SZRU