PANAMA Law and Practice Contributed by: María Teresa Diaz, Nadya Price and Joaquín De Obarrio, Patton Moreno & Asvat
2.2 International Conventions: Collision and Salvage The following international conventions on colli - sion and salvage have been ratified by Panama and, therefore, will impact on the liability of own - ers and interested parties in the event of collision and/or salvage: • the Convention on the International Regula - tions for Preventing Collisions at Sea, 1972 (COLREGs); and • the Convention on Facilitation of International Maritime Traffic (London, 1965). In addition, Law 55 of 2008 (the “Maritime Com - merce Law”) Title III, Chapters I and II regulate collisions and salvage. 2.3 1976 Convention on Limitation of Liability for Maritime Claims Panama is not a signatory to the 1976 Conven - tion on Limitation of Liability for Maritime Claims. Nevertheless, most of the substantive rules established in this international agreement have been incorporated into Panamanian domes - tic legislation, specifically in Law 8 of 1982, as amended, on maritime procedure. Therefore, despite not being a part of the 1976 Convention on Limitation of Liability for Maritime Claims, in practice Panama follows its general principles and rules, albeit with certain modifica - tions and deletions. Panama has not passed into law the limits as modified by the 1996 Protocol to amend the 1976 Convention on Limitation of Liability for Maritime Claims.
• if the mortgage is executed in English, it can be registered in its original English version, provided a short mortgage extract is execut - ed in respect of the mortgage and that extract is translated into Spanish for permanent reg - istration, together with the original mortgage and any relevant attachments in English. 1.7 Ship Ownership and Mortgages Registry The records related to ship ownerships and mortgages kept at the Ships Registry are avail - able on the public website of the PMA, and any third party may access these in order to obtain information about ownership titles and encum - brances registered over Panamanian vessels. 2. Marine Casualties and Owners’ Liability 2.1 International Conventions: Pollution and Wreck Removal The following international conventions on pol - lution and wreck removal have been ratified by Panama and, therefore, will impact on the liabil - ity of owners and interested parties in the event of pollution and/or wreck removal: • the International Convention for the Preven - tion of Pollution from Ships, 1973 (MARPOL) and annexes; • the International Convention on Civil Liability for Oil Pollution Damage (CLC); • the International Convention on Civil Liability for Bunker Oil Pollution Damage (BUNKER); • the International Convention on the Pre - vention of Marine Pollution by Dumping of Wastes and Other Matter (the “London Con - vention”); and • the Nairobi International Convention on the Removal of Wrecks.
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