THE PANAMA MARITIME AUTHORITY SAVES OVER 365,000 DOLLARS BY PAYING THE CONTRIBUTION OWED TO THE IMO

Mr. Jorge Barakat Pitty, director of the Panama Maritime Authority declared recently “In May, faithful to fulfillment of its duties as a major contributor State to the operative budget of the International Maritime Organization, the Panama Maritime Authority has paid off the annual contribution for the current year. By doing this, the Panama Maritime Authority demonstrates its commitment to the important activities carried out by this institution for the sake of the safety in navigation, the protection of seafarers and ships, and the preservation of the marine environment.”

Panama is part of the category A of the IMO Council. Its economic contribution (about 8 million USD) is more than 20% of IMO’s budget. Panama is such large contributor because it holds the largest registry of vessels in the world, with over 9,000 registered vessels.

The early payment of the owed contribution brought a credit to the account of Panama in favor of its contribution in 2016. The amount of this credit is 236 012.93 pounds. This credit is part of the incentive scheme that IMO offers to its member States.

Mr. Barakat Pitty still stressed, “This action demonstrates not only the international commitment of the Panama Maritime Authority, regarding the improvement of its services, being the largest registry in the world, and ready to assume its responsibilities within the global maritime community. It still proves the high degree of transparency and awareness of a proper management for the benefit of the national government.”

The IMO is a specialized agency of the United Nations (UN), created on March 6, 1948. It is responsible for promoting the cooperation among member States; it is also responsible for the security of international maritime transport, the protection of seafarers and the environmental conservation.

Panama has more than 9000 ships registered in its merchant marine. This represents more than 20% of the global fleet, in other words, one in five ships has been registered under the Panamanian flag. This huge fleet brings an important amount of benefits for the country.