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EU blacklisting could dampen shipping's appetite for Panama's ship registry

The EU's labeling of Panama as a high-risk country vulnerable to financial crime could make Panama's flag of convenience less convenient to European banks and shipowners, according to shipping bank Berenberg. Governance is a "major" risk to shipping, warns Berenberg.

Photo: Erick Marciscano/Reuters/Ritzau Scanpix

Panama's inclusion last year on the EU's list of high-risk third countries could negatively affect the popularity of the Panama Ship Registry due to transparency concerns with shipping lenders, according to German shipping bank Berenberg.

The EU list targets countries which – due to weak governance and widespread corruption – are considered vulnerable to international money laundering and the financing of terrorism, and Philipp Wünschmann, head of Shipping at Berenberg, says the inclusion of Panama could moderate lenders' appetite for shipping clients flying the Panamanian flag.

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