New Procedural Rules Could Make Panama the Perfect Place for Ship Mortgage Foreclosures

By Francisco Linares, Partner, Morgan & Morgan, Panama City, Panama

Panama has always been an ideal spot to arrest ships.  With major trade routes passing through the Panama Canal and an increasing number of calls at the major ports in Balboa and Cristobal, Panama enjoys a steady, healthy flow of oceangoing vessels through its jurisdictional waters. In addition to this, Panama’s maritime procedural law makes it possible to arrest ships quite expeditiously. This procedural framework is currently in the process of being revised by Panama’s Legislative Assembly. There are new features in this reform project that will be of particular interest to marine creditors and debtors alike, carrying obligations secured by means of preferred naval mortgages recorded on vessels of any nationality. This article will highlight some key aspects

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