Panama is making its move to solidify its grip on the global ship registry market—and Japan is squarely in its crosshairs. President José Raúl Mulino didn’t mince words during a high-stakes meeting with over 40 Japanese shipping giants: Panama’s registry isn’t just a flag; it’s a national emblem, backed by the full weight of the state. And it’s getting a serious upgrade.
This isn’t just about waving a flag. Panama is doubling down on safety, digitisation, and sustainability—three pillars that could redefine its leadership in the maritime industry. With 70% of Japanese shipowners already flying the Panamanian flag and 41% of its tonnage registered under Panama, the stakes are high. For Japan, which accounts for 66% of new shipbuilding, this partnership isn’t just strategic—it’s essential.
Mulino’s vision goes beyond bureaucracy. He’s pushing for a fully digitalised, streamlined registry that’s not just user-friendly but also future-proof. Unlike other registries, Panama’s isn’t a franchise—it’s a national commitment, backed by policies that prioritise safety, efficiency, and environmental protection. And he’s not alone. Panama Maritime Authority’s (PMA) Administrator, Luis Roquebert, and Merchant Marine Director Ramón Franco are leading the charge, outlining a strategy that’s as much about modernisation as it is about maintaining trust.
Franco’s presentation, “The Panamanian Ship Registry: Renewing Our Strategy for a New Era,” laid out a clear roadmap: a safer fleet, stricter inspections, and a phased-out approach to older, high-risk ships. Panama is already ahead of the curve with compulsory traceability of ship-to-ship transfers, a move that aligns with the IMO’s 2050 decarbonisation goals. And the numbers speak for themselves: 8,812 ships, 241.5 million gross tonnes, and 14% of the global fleet—all under the Panamanian flag.
But why Japan? Simple. Japan’s shipbuilding dominance makes it a key player in the maritime industry. By positioning itself as Japan’s preferred registry, Panama isn’t just securing its future—it’s shaping it. And with a 13% rise in newbuilding registrations compared to 2024, the strategy is already paying off.
This isn’t just about numbers, though. It’s about trust, stability, and a commitment to the industry. Panama’s registry comes with the backing of a country that promises a strong banking system, special economic zones, and the best logistics hubs—all underpinned by the Panama Canal. For Japanese shipowners, this isn’t just a registry; it’s a partnership built for the long haul.
The maritime industry is at a crossroads, and Panama is making its play. With a focus on safety, digitisation, and sustainability, it’s not just upholding its global leadership—it’s redefining it. And with Japan by its side, the future looks bright for the Panamanian flag.