Panama maritime law to affect foreign participation

Panama’s National Assembly has approved new legislation, Law 41, which restricts foreign-owned vessels in the maritime auxiliary services sector.

The measure has annoyed European countries and may violate several free-trade agreements that Panama has signed with other countries.

The maritime sector is comprised of around 200 companies operating the Canal, terminals and ancillary businesses and represents 24 percent of Panama's gross domestic product.

Source: Seatrade Global