According to official figures, Panama has about 18% of the world fleet, with Liberia, Marshall Islands, Hong Kong and Singapore following, accounting for almost 58% of world fleet, combined.

The introduction of Panama into the Guinness World Records, is part of the activities to celebrate the 100 years anniversary of the Panamanian merchant marine flag system.

The International Ship Registry of Panama was created in order to address the needs of the international maritime community, with a flag without nationality restrictions, offering residence to the owner of the vessel and the crew.

Earlier in 2017, the Panama Maritime Authority, opened three offices in London, Manila and Dubai, achieving a development in the maritime sector and enhancing it presence in Europe and Asia. Moreover, these offices dealt with other markets as well, such as gas, cruise and yacht vessels, local media reported.

The Panama Ship Registry consists of 60 private consulates of the merchant marine, providing vessel registration services, change of owner and tonnage and cancellations.