Panama is set to cancel the registration of 128 ships sailing under its flag after they were sanctioned by the US, its allies or the United Nations, a top official said.
At least 70 tankers have already been removed and dozens more will follow, said Ramón Franco, general director of merchant marine at the Panama Maritime Authority, which oversees the registry. The move, which follows a pledge last year to penalize blacklisted vessels, will represent a loss of up to $2 million in revenue, he added.
