“Sanctions compliance, fleet monitoring, and enforcement of all the IMO instruments are the main challenges we are currently facing,” said Gianluca Tucci, General Director of the San Marino Registry, a brand-new player which chose Posidonia 2024 as the launching pad for its merchant vessel offering. Over the past few years, increased sanctions have placed a growing burden on ship registries. Flags and classification societies have responded by suspending and removing more ships and operators from their ranks.
To prevent “flag hopping” and other deceitful practices, leading international flags like the Panama Maritime Authority, the Liberian Registry, and the Marshall Islands Registry have agreements for the exchange of information. “Vessels change flags due to various reasons, so it is important for the registries like us to have a cooperation with other peers to ensure that the owners we are dealing with are credible and of a high-quality standard. This exchange of information can be very helpful especially with the proliferation of the shadow fleet,” said Carla Elena Peralta, a spokeswoman on behalf of Panama Maritime Authority.
Furthermore, shifting markets and supply chains have increased financial pressures on ship operators. As a result, there has been a rise in abandonments and lax compliance with safety regulations. “The dynamic nature of ship registration also renders the necessity to upgrade, improve, and respond to changing demands of the market a nec.
