With 8,773 vessels and 248.8 million gross registered tonnes, Panama’s ship registry ranks as the world’s largest by vessel count. The registry accounts for 15% of the world’s merchant fleet tonnage, highlighting its significant role in global shipping.^{1) 2)}

The de-listing follows a pledge by Panama’s maritime authority in October to penalize vessels sanctioned by the US, European Union, UK and United Nations. Gaining support from one of the largest shipping administration bodies in the world was a coup for the Group of Seven and its allies, which have sought to impose a price cap of $60 a barrel on Russian exports.^{3) 4)}