The Panama Maritime Authority adopts English as the language for the registration of property titles of ships.
The Panama Maritime Authority (PMA) marked a milestone in the history of the Panamanian Merchant Marine, by registering the first recording of naval mortgage, whose original sample has English as its original language.
This procedure is of vital importance as it strengthens Panama's Merchant Marine, which is the leader worldwide as it’s the vessel registry with the highest standards of efficiency and reliability.
Mr. Jorge Barakat Pitty, Administrator of the PMA, stressed that “the adoption of English represents a boost for our competitiveness; it serves to strengthen our global presence as a leader country in vessel registration.”
Barakat added that “The mortgagee will receive the same document he signed with the inscription seal. This procedure represents an extraordinary qualitative leap for the merchant marine. It will lay the foundation so that many other banks embrace this new option of recording of mortgages.”
The advantage of this language implementation for the PMA resides in the fact that the banks, which lend money, can immediately consult the registered property titles on the website of the institution. It creates confidence, security and immediacy in the registration system of the Republic of Panama.
The exhibition of this first registration title, with its original sample in English, was attended by Mr. Tomas Avila, Secretary General of the PMA, Mr. Fernando Solórzano, Director General of the Merchant Marine and Mr. Gonzalo Cornejo Campos, Director of Public Registry of Ship Titles and Maritime Liens as well as Mrs. Iria Barranco, President of the Panamanian Maritime Law Association (APADEMAR), Mrs. Jazmina Robi and Mr. Juan David Morgan Jr. from the law firm Morgan & Morgan who applied for this first recording of naval mortgage.