Near Shoring Law Established in Panama

A new near shoring law has been established in Panama although rules and regulations have not been announced and still need to be drafted.

President Laurentino Cortizo signed the law in December which is to regulate any coastal and near shoring activities located in Panamanian waters.

It was stated that certain activities would not be required to uphold the requirements of the new law.

Jose Digeronimo, Executive Director of the Panamanian Shipowners’ Association  said, “However, some activities of near shoring were left out of the requirement of this shareholding: These are tugboats for port operations and dredging, which due to its characteristics requires regional companies. It also contemplates a window for cruise ships to carry out near shoring without being affected by this regulation and yacht and mega yacht operations.”