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Panama Has World's Biggest Fleet
Although Panama is lacking in
infrastructure to build large
merchant ships, the country
holds the world largest
registered fleet with 10,750
vessels, reported sources of
this sector Thursday.
According to the Panama
Authority Merchant Marine (MAP)
the registration grew by 1026
ships in the last two years.
National Maritime Law is more
flexible with a ship's
registration and grants several
fiscal benefits ship-owners, so
many register their ships in
Panama.
The increase is reflected in the
contributions to the Internal
Revenue Service, which in 2005
amounted 52.2 million dollars
for this concept, about 2.8
million more than in 2004.
Of the 26 new vessels carrying
Panama flags, 568 are tankers,
233 yachts, 114 fishing ships
and 94 for passengers.
Japan is the country with most
ships registered in Panama,
followed by South Korea, China
and Greece.
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