Panama adopts decree to cancel registration of sanctioned ships

Panama has adopted Executive Decree No. 512, published on 18 October, allowing the immediate cancellation of the registration and navigation licences of vessels on US, UN, EU or UK sanctions lists, gCaptain reports. The Panama Maritime Authority said it would automatically cancel the registration of any ship involved in illegal activities or that changes flag to evade sanctions. Classification societies may not serve ships under review for cancellation, though existing mortgages remain valid. The registry has more than 8,000 vessels. The report says the move follows OFAC sanctions last month that included seven Panama-flagged ships involved in Iranian oil smuggling.

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