| .: 23-Feb-2018 :. |
|
Displaying 1 to 15 of Records. Page 1 of 1 |
|
| 1 |
|
Panama seeks to grow ship finance with new law
After many years in the pipeline, Panama has passed legislation for ship financing, the first of its kind for the country.
The Law 50 of 28 June 2017 entered into force on 29 December 2017 and is known as the Naval Financing Law. The legislation creates an attractive investment environment and contemplates ship financing from banks established in Panama while extending its reach to all foreign financial institutions providing they establish a branch office in Panama to enjoy the law’s benefits.
Panama's banking centre is one of the most important of the region with a total of 90 banks of which two are government-owned, 48 have general licence, 27 have international licence are 13 are of representation office and the centre total assets at October 2017 were up to $118.43bn. None of those banks, though, has looked yet at this novel market and one of the purposes of the law is to encourage those institutions to provide ship financing and attract all foreign financial institutions providing they set foot in Panama to do ship financing in Panama and enjoy the benefits of Law 5/2017.
The law creates a special legal regime for financing operations in the local and international maritime sector and grants fiscal, migratory and labour incentives for companies carrying out maritime financing operations and maritime project fundable, from the Republic of Panama.
"Law 50-2017 is, indeed, attractive for shipowners and banking entities alike as on the one hand it promotes shipbuilding, ship repair and container repair and, on the other hand, it grants fiscal, immigration and labour incentives to the maritime business companies engaged in said projects and the banks providing them financing," says lawyer Jazmina Rovi, head of the Ship Finance & Registration Department at Morgan & Morgan law firm.
"Labour and immigration incentives are amongst the main attractions of the law. The Panama Maritime Authority (AMP) must promptly release regulations required for Law 50 to become operational (there is a certification process to be followed to be able to enjoy the incentives)," she adds.
The AMP, through the General Directorate of Public Registry of Ships has already started with local presentations to publicise the law and is also planning international road shows. "This effort is positive and must be up-graded to include visits to foreign ship builders and banks engaged in ship financing to attract them to establish branches and operate from Panama," says Rovi.
"China must be included in the road show. China is not only amongst the strongest players in the maritime industry but has a clear intent to increase its presence and market share in Latin America. Timing is in our favour as the establishment of diplomatic relations has opened the way for Panama to be included in the foreign investment plans of the Chinese State-owned-banks and companies," she comments.
"This administration is currently working on a strategic plan to promote this law at international forums and in different markets –such as Asia and Europe-which are currently trending in ship financing, allowing the international financial community to close local and regional deals in Panama, which should be more attractive and less complicated for the Latin American and Caribbean markets," says Panama Minister of Maritime Affairs Jorge Barakat.
Article 2 of Law 50-2017 defines as Maritime Project Financing those that are oriented towards the construction of ships, of shipyards and other premises, workshops or yards for construction of ships and repairs of containers used for foreign trade and the construction of offshore wind farms.
"This law complements previous legislation's for the establishment of foreign multinational companies, in order to attract shipowners, operators, ship building and ship repairs, container building and repairs, insurance companies and now banks and other financial institutions to open up branches in the country, thus continue moving on its way to become an international maritime centre," adds Barakat.Posted On:23-Feb-2018
Credits: www.seatrade-maritime.com |
|
|
Cargo ship sank in Gulf of Tonkin, crew rescued
EPIRB from general cargo ship BINH NGUYEN 86 was activated at around 0300 Hanoi time Feb 23, in position 18 36N 106 43E, some 40 nm off Ha Tinh Province coast, Gulf of Tonkin, Vietnam. MRCC Vietnam directed to probable disaster site vessels in the vicinity, including Vietnamese container ship, which was en route from Haiphong to Vung Tau. On arrival to disaster site, container ship found two life rafts and successfully rescued 8 people, all crew of sank freighter. Container ship resumed her sailing, with rescued crew to be disembarked at Vung Tau. No information yet on the cause of sinking.Posted On:23-Feb-2018
|
|
|
Maritime economy, geopolitics of Indian Ocean Rim: Challenges for Pakistan
Maritime economy, geopolitics of Indian Ocean Rim: Challenges for Pakistan Pakistan ObserverFull coveragePosted On:23-Feb-2018
|
|
|
NSAP Comes to Mumbai
NSAP Comes to Mumbai The Maritime ExecutiveFull coveragePosted On:23-Feb-2018
|
|
|
S. Korea to step up maritime cooperation with Denmark
S. Korea to step up maritime cooperation with Denmark Yonhap NewsFull coveragePosted On:23-Feb-2018
Credits: english.yonhapnews.co.kr |
|
|
Mumbai Maritime Board to start RoRo service by April
Mumbai Maritime Board to start RoRo service by April The Asian AgeFull coveragePosted On:23-Feb-2018
Credits: www.asianage.com |
|
|
Wartsila Wins Maintenance Deal for TMS Cardiff Gas Quartet
Wartsila has inked a maintenance deal with TMS Cardiff Gas which includes four TFDE LNG carriers.Posted On:23-Feb-2018
|
|
|
ITF, Maritime Employers Hammer Out Wage Increase for Seafarers
ITF sealed today a new framework agreement for seafarers with the Joint Negotiating Group.Posted On:23-Feb-2018
|
|
|
Cido Shipping Named as Seller of 10-Strong Fleet to MPCC
Cido Shipping has emerged as seller of ten boxships to MPC Container Ships in November 2017.Posted On:23-Feb-2018
|
|
|
NCL Beats Full Year Earnings Expectations
Norwegian Cruise Line saw record earnings in 2017, mainly due to robust revenue growth.Posted On:23-Feb-2018
|
|
|
MOL Tied to Bulker Order at Oshima
Mitsui O.S.K Lines linked to an order for three 56,000 dwt bulk carriers at Oshima Shipbuilding.Posted On:23-Feb-2018
|
|
|
Navios Maritime Partners L.P. Announces Closing of $35.0 Million Offering
Navios Maritime Partners L.P. , an international owner and operator of container and dry bulk vessels, announced that it has closed the previously announced offering of approximately 18.4 million common units at $1.90 per common unit, raising approximately $35.0 million of gross proceeds. Navios Partners will use the net proceeds of the offering for general ...Posted On:23-Feb-2018
Credits: www.hellenicshippingnews.com |
|
|
Port Of Kingston Upgraded To Accommodate Extra Large Container Ships
Kingston Freeport Terminal Limited says the Port of Kingston is now able to accommodate the extra large container ships with the completion of upgrades on section one of the Kingston Container Terminal. Kingston Freeport says the upgrading, along with the completion of dredging to deepen the shipping channel, makes it possible for Jamaica to accept ...Posted On:23-Feb-2018
Credits: www.hellenicshippingnews.com |
|
|
British ports welcome first Women in Maritime Taskforce meeting
The British Ports Association welcomed the first meeting of its new Women in Maritime Taskforce which was facilitated by the umbrella group Maritime UK today. The Taskforce has been established to address fairness, equality and inclusion within the maritime sector. UK Maritime Minister Nusrat Ghani MP attended the first meeting and encouraged the sector to ...Posted On:23-Feb-2018
Credits: www.hellenicshippingnews.com |
|
|
Being prepared: Cybersecurity is a featured topic at SMM
Enhancing transparency, boosting efficiency: big data has arrived in the shipping industry. But besides opportunities, network integration also harbours risks. At MS&D, the International Conference on Maritime Security and Defence, experts will outline how maritime enterprises can protect themselves effectively against cybercriminals. Threats originating from climate change, and security policy challenges are further items on ...Posted On:23-Feb-2018
Credits: www.hellenicshippingnews.com |
|
|
|
|
