Panama has the `largest` shipping fleet.The canal has been in service for hundred years plus.Allowing safe passage instead of rounding Cape Horn.The reason so many register with Panama is to avoid stricter regulations/ safety/ etc. Commonly referred to as `under a flag of convenience` Registration of a vessel can be done online.(How controlled is that?), can employ very cheap foreign labour, and foreign owners dont have to pay the income tax burden. Currently they have over 8600 vessels registered (more than USA and China combined) Maritime law demands that all vessels are registered with a `flag state`.Liberia is second to Panama, and is classed as a `flag of (in)convenience. The registry is very lucrative to Panama, realizing half billion dollars annually. BUT Nicaragua are planning to build a coast to coast canal to rival Panama. Plans have gone through initial scrutiny and are set to be progressed. Funding is coming from the far east. As they do say watch this space.
Posted on: Tue, 05 Aug 2014 10:51:03 +0000
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