Panama is cancelling the registration of six ships flying its flag after the UK blacklisted 30 ships at the end of November. The Panamanian shipping authority had already promised the Group of Seven (G7) in October to penalise ships sanctioned by the USA, the European Union, the United Kingdom and the United Nations.
The support of one of the world's largest shipping administrations is a major success for the G7 (Canada, France, Germany, Italy, Japan, the UK and the US) and its allies, who are endeavouring to impose a price cap of 60 dollars per barrel on Russian oil exports.
Merchant ships sail under the flags of various countries that are not necessarily closely associated with the owner of the ship. However, these so-called flag states play a key role in ensuring minimum safety standards in the industry. Panama is the second largest flag state in the world behind the Liberian registry.
This measure is intended to protect the reputation of the Panamanian flag. The state has a fundamental responsibility to protect the integrity of the ship registry and ensure that it remains free from international sanctions, according to the Director General of the Merchant Marine at the Panamanian Maritime Authority.
Despite all the measures taken by Western countries against a number of ships, Russia continues to export large quantities of crude oil. The change of flag can also have a negative impact, as the ships then usually switch to a flag that is less strictly regulated from a safety point of view.
Keyword: shadow fleet.
kdk, gCaptain
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