Why are most of the freighters on the high seas Panamanian?

There are two ways to say this.

First, due to the tariffs on shipbuilding and buying ships abroad, and the exemption of Panamanian-flagged ships, Panamanian nationality is even more attractive.

Origin of the Panamanian flag:

The Republic of Panama, a country of just over 70,000 square kilometers and a population of 2.7 million, gradually prospered through the registration of "second flags" and "offshore companies", and in 1949, the world's second free ** zone, Colón, was born.

Currently, 20% of international sea vessels fly the Panamanian flag. More than 9,000 ships have been registered in Panama, totaling more than 90 million tons. China's COSCO is one of the three largest Panamanian-flagged fleets in the world.

The history of Panamanian flag registration began during World War I, in order to eliminate the impact of war on navigation, the United States negotiated with Panama to allow ships from all over the world to register a second flag in Panama, fly the Panamanian flag, and sail in the seas of all countries in the world.

Panamanian citizenship is even more attractive due to the tariffs on shipbuilding and buying ships abroad, while Panamanian-flagged ships are exempt from taxes.

In 1925, Panama created a commercial ship registration system through Law No. 8. Later, businessmen from all over the world found that the registration time in Panama was short, the procedures were simple, and there was great convenience in ocean navigation, so the trend of registering Panamanian flags was formed.

Shanghai is building Yangshan Port, plans to build 54 terminals, 9 are already under construction, and more than 40 terminals welcome foreign investment. Yangshan Port is also striving to become a free port and set up a base for registering a second flag.

I also found out about it by searching the Internet.

Also, the length and width of these vessels are designed to the maximum size of the Panama Canal locks, so that they can carry as much cargo as possible while passing through the Panama Canal locks, so they are called "Panama" class.

What a knowledge, thank you upstairs.

In order to facilitate operation and reduce costs, many are registered in Panama.

Coincidentally, there have been a lot of problems with Panamanian-flagged freighters recently

Panamanian freighters are mostly registered because Panama is a tax haven for shipping companies, and they can be registered in Panama without tax.

Because it is mainly based on international import and export.

Since 1925, Panama has been the most important country in the world in terms of maritime registration of ships. Decree No. 8 of 1925 established the National Maritime Bureau, adopted an open registration system and removed restrictions on nationality and place of origin. Since then, the Panamanian Maritime Registry has been accepting domestic and foreign ships on an equal footing.

As long as these vessels comply with the requirements of the law, in particular the regulations on ship management, safety, pollution abatement, technical standards and finance.

The Panamanian Maritime Registry offers the following favorable conditions to ship owners:

Open Registration. Any individual or company, regardless of nationality and place of incorporation, can register the Panamanian flag for their vessels.

The registration fee is low compared to other countries.

Exemption from income tax on profits made by ships in international ** shipping.

There is no minimum tonnage requirement. However, ships that are 20 years old or more are subject to special surveys to obtain a long-term navigation license.

Provisional Ship Registration. It is valid for 6 months and can be obtained through a lawyer in Panama or a Panamanian consular post established in the port.

Dual registration, as long as the country of registration of the original flag allows it.

Another facilitation of the Panamanian maritime registry is the bareboat charter system, which allows foreign vessels to be registered in Panama for two years while retaining their original registration. However, this requires a consent letter from the ship's original place of registration.

Decree No. 39 of 1987 grants a discount on registration fees if the following conditions are met: (1) the same owner or economic organization that has registered a ship of more than 75,000 gross tons to register a new ship; (2) paid a registration fee of more than US$50,000 to the Ministry of Finance; (3) The registration fee is per ton (or each part) of net weight.