Panama flag, 2025
Ships whose port of registry belongs to Panama, as estimated from the THETIS-MRV reports for 2025, and the companies operating them. Each company counts only its ships under this flag.
At a glance
Ships
1,875
184 with a blank port, flag from another year
Emitted
13,338,148 t
CO₂, all ships under the flag
EU ETS allowances due
€387m
5,159,343 t of allowances at the chosen price
Largest operator: MSC Group
€146m
142 ships, 38% of the flag's allowances
Ship types under this flag
CO₂ by segment.
- Container6,405,989 t
- Bulk carrier2,477,456 t
- Cruise900,175 t
- Vehicle carrier828,017 t
- Chemical tanker772,686 t
- General cargo607,380 t
- Oil tanker578,856 t
- Gas carrier (LPG)267,205 t
- LNG carrier131,564 t
- Other98,519 t
- Ro-pax70,790 t
- Reefer67,056 t
- Offshore61,215 t
- Ro-ro36,490 t
- Passenger34,750 t
Companies by EU ETS cost
The 50 operators with most EU ETS allowances due for their Panama-flagged ships in 2025. Companies of one group are summed, as on the compare page; their ships under other flags are not counted here.
| # | Operator | Main segment | Shipsunder Panama | CO₂emitted, total | AllowancesEU ETS cost | vs segment medianlower is better | vs similar-size shipssame segment, lower is better |
|---|---|---|---|---|---|---|---|
| 1 | MSC Group(3 companies) | Container | 142 | 4,360,950 t | €146m | −17% | +9% |
| 2 | Evergreen | Container | 9 | 645,740 t | €17.0m | −52% | +8% |
| 3 | Synergy Marine(7 companies) | Container | 70 | 656,847 t | €12.3m | −29% | −8% |
| 4 | HMM(2 companies) | Container | 15 | 396,369 t | €12.2m | −67% | −24% |
| 5 | Shoei(2 companies) | Container | 12 | 311,811 t | €8.8m | −37% | +4% |
| 6 | Navios(6 companies) | Bulk carrier | 34 | 206,165 t | €5.8m | −35% | 0% |
| 7 | NYK(2 companies) | Container | 15 | 199,349 t | €5.6m | −17% | −5% |
| 8 | FLEET MANAGEMENT LIMITED | Bulk carrier | 35 | 171,892 t | €5.0m | −11% | −10% |
| 9 | MOL(5 companies) | Vehicle carrier | 21 | 185,028 t | €4.7m | −8% | 0% |
| 10 | K Line(2 companies) | Vehicle carrier | 17 | 152,170 t | €4.3m | −24% | −1% |
| 11 | Anglo-Eastern(3 companies) | Container | 13 | 141,670 t | €4.0m | −25% | −8% |
| 12 | ONESEA SOLUTIONS PTE LTD | Container | 7 | 241,651 t | €3.9m | −35% | −2% |
| 13 | FLEET SHIP MANAGEMENT PTE LTD | Container | 8 | 139,596 t | €3.9m | −44% | −8% |
| 14 | MMS(2 companies) | Bulk carrier | 28 | 116,405 t | €3.4m | −18% | −18% |
| 15 | Dalian Dongrong Ship Management Co.,Ltd. | Bulk carrier | 16 | 109,133 t | €3.1m | −13% | +10% |
| 16 | TECHNOMAR SHIPPING INC-LIB | Container | 5 | 87,960 t | €2.9m | +36% | 0% |
| 17 | Seacon(4 companies) | General cargo | 14 | 90,108 t | €2.8m | −15% | −8% |
| 18 | Cido Shipping Korea Co., Ltd. | Vehicle carrier | 19 | 93,225 t | €2.7m | +10% | 0% |
| 19 | Arab Maritime Petroleum Transport Company | Oil tanker | 11 | 85,707 t | €2.5m | −31% | −8% |
| 20 | Golden Union(2 companies) | Bulk carrier | 17 | 88,639 t | €2.5m | −21% | +7% |
| 21 | LUSTER MARITIME/HIGAKI SANGYO | Container | 1 | 89,226 t | €2.4m | – | – |
| 22 | SHUNZAN KAIUN CO., LTD. | Container | 8 | 78,530 t | €2.2m | −23% | −3% |
| 23 | Carnival Corporation | Cruise | 2 | 52,381 t | €2.2m | – | – |
| 24 | Sallaum Lines DMCC | Vehicle carrier | 5 | 65,313 t | €1.8m | −12% | −15% |
| 25 | World Tankers Management Pte | Oil tanker | 7 | 59,755 t | €1.8m | +17% | −10% |
| 26 | POS SM Co Ltd | Bulk carrier | 10 | 62,372 t | €1.8m | −26% | −3% |
| 27 | SANTOKU SENPAKU CO., LTD. | Bulk carrier | 15 | 64,184 t | €1.8m | −30% | −1% |
| 28 | IINO MARINE SERVICE CO., LTD. | Chemical tanker | 13 | 59,333 t | €1.8m | −24% | −12% |
| 29 | NEW SHIPPING KAISHA, LTD. | Chemical tanker | 8 | 52,764 t | €1.6m | +4% | −30% |
| 30 | SK shipping Co Ltd | LNG carrier | 3 | 60,572 t | €1.6m | – | – |
| 31 | Naftomar | Gas carrier (LPG) | 11 | 50,010 t | €1.6m | +81% | +50% |
| 32 | FUKUJIN KISEN CO., LTD. | Container | 6 | 57,303 t | €1.6m | −26% | −11% |
| 33 | Laskaridis Maritime SA | Bulk carrier | 13 | 56,032 t | €1.6m | −34% | −1% |
| 34 | Union Marine Mgmt Serv Pte Ltd | Bulk carrier | 11 | 54,778 t | €1.6m | −21% | −3% |
| 35 | Wisdom Marine | Bulk carrier | 13 | 54,220 t | €1.5m | −2% | −6% |
| 36 | Wilhelmsen Ship Management | Gas carrier (LPG) | 3 | 55,690 t | €1.5m | – | – |
| 37 | BESIKTAS LIKID TASIMACILIK DENIZCILIK TICARET A.S. | Chemical tanker | 13 | 40,771 t | €1.4m | +37% | +35% |
| 38 | COSCO Shipping(3 companies) | Oil tanker | 22 | 39,272 t | €1.4m | +499% | +109% |
| 39 | CLEANSEAS SHIPMANAGEMENT, INC. | Bulk carrier | 10 | 46,894 t | €1.4m | −17% | −6% |
| 40 | "UMM" LLC | Ro-pax | 4 | 43,519 t | €1.3m | – | – |
| 41 | Okyanus Ege Denizcilik Ticaret A.S. | Container | 21 | 51,281 t | €1.2m | +286% | +41% |
| 42 | UNIVERSE CRUISES LTD | Passenger | 1 | 34,750 t | €1.2m | – | – |
| 43 | Columbia Shipmanagement(2 companies) | Container | 3 | 36,694 t | €1.1m | – | – |
| 44 | HOKOKU MARINE CO., LTD. | Bulk carrier | 5 | 37,929 t | €1.1m | −21% | −13% |
| 45 | FUJIAN OCEAN SHIP MANAGEMENT COMPANY LIMITED | Bulk carrier | 10 | 37,023 t | €1.1m | −3% | +17% |
| 46 | SIA "Windrose Shipmanagement Ltd" | Reefer | 5 | 49,394 t | €1.0m | −55% | −55% |
| 47 | ASTRAEA MARITIME SA | Chemical tanker | 4 | 33,681 t | €1.0m | – | – |
| 48 | Kowa Marine Service Co., Ltd. | Bulk carrier | 6 | 33,446 t | €993k | −18% | −8% |
| 49 | KLCSM CO., LTD. | Bulk carrier | 4 | 27,010 t | €939k | – | – |
| 50 | BLUEOCEAN SHIPMANAGEMENT INTERNATIONAL INC. | Bulk carrier | 8 | 32,691 t | €932k | −26% | −18% |
Show by ISM company (DoC holder) instead of group
| # | Operator | Main segment | Shipsunder Panama | CO₂emitted, total | AllowancesEU ETS cost | vs segment medianlower is better | vs similar-size shipssame segment, lower is better |
|---|---|---|---|---|---|---|---|
| 1 | MEDITERRANEAN SHIPPING CO SRL | Container | 81 | 2,597,635 t | €78.7m | −31% | +13% |
| 2 | MSC Cruise Management UK Ltd | Cruise | 12 | 830,798 t | €37.8m | −30% | −30% |
| 3 | MSC SHIPMANAGEMENT LIMITED | Container | 49 | 932,518 t | €29.9m | +21% | +5% |
| 4 | EVERGREEN MARINE CORP. (TAIWAN) LTD | Container | 9 | 645,740 t | €17.0m | −52% | +8% |
| 5 | HMM Company Limited | Container | 12 | 382,083 t | €12.0m | −68% | −26% |
| 6 | SHOEI KISEN KAISHA, LTD. | Container | 11 | 311,483 t | €8.8m | −39% | +3% |
| 7 | SYNERGY PACIFIC PRIVATE LIMITED | Container | 36 | 476,211 t | €7.2m | −38% | −10% |
| 8 | NYK SHIPMANAGEMENT PTE LTD | Container | 13 | 196,707 t | €5.5m | −29% | −5% |
| 9 | FLEET MANAGEMENT LIMITED | Bulk carrier | 35 | 171,892 t | €5.0m | −11% | −10% |
| 10 | "K" Line RoRo Bulk Ship Management Co., Ltd. | Vehicle carrier | 14 | 143,039 t | €4.0m | −23% | 0% |
| 11 | ONESEA SOLUTIONS PTE LTD | Container | 7 | 241,651 t | €3.9m | −35% | −2% |
| 12 | FLEET SHIP MANAGEMENT PTE LTD | Container | 8 | 139,596 t | €3.9m | −44% | −8% |
| 13 | Dalian Dongrong Ship Management Co.,Ltd. | Bulk carrier | 16 | 109,133 t | €3.1m | −13% | +10% |
| 14 | SYNERGY MARITIME PRIVATE LIMITED | Bulk carrier | 21 | 106,831 t | €3.1m | −11% | −1% |
| 15 | TECHNOMAR SHIPPING INC-LIB | Container | 5 | 87,960 t | €2.9m | +36% | 0% |
| 16 | MMS CO., LTD. | Oil tanker | 19 | 97,548 t | €2.9m | −8% | −21% |
| 17 | Cido Shipping Korea Co., Ltd. | Vehicle carrier | 19 | 93,225 t | €2.7m | +10% | 0% |
| 18 | Arab Maritime Petroleum Transport Company | Oil tanker | 11 | 85,707 t | €2.5m | −31% | −8% |
| 19 | LUSTER MARITIME/HIGAKI SANGYO | Container | 1 | 89,226 t | €2.4m | – | – |
| 20 | NAVIOS CORPORATION MANAGEMENT | Bulk carrier | 11 | 79,000 t | €2.2m | −41% | −4% |
| 21 | SHUNZAN KAIUN CO., LTD. | Container | 8 | 78,530 t | €2.2m | −23% | −3% |
| 22 | Carnival Corp | Cruise | 2 | 52,381 t | €2.2m | – | – |
| 23 | Anglo-Eastern Ship Management Ltd | Container | 3 | 75,062 t | €2.1m | – | – |
| 24 | SEACON SHIPS MANAGEMENT PTE. LTD. | General cargo | 9 | 65,872 t | €2.0m | −67% | −67% |
| 25 | Sallaum Lines DMCC | Vehicle carrier | 5 | 65,313 t | €1.8m | −12% | −15% |
| 26 | World Tankers Management Pte | Oil tanker | 7 | 59,755 t | €1.8m | +17% | −10% |
| 27 | POS SM Co Ltd | Bulk carrier | 10 | 62,372 t | €1.8m | −26% | −3% |
| 28 | SANTOKU SENPAKU CO., LTD. | Bulk carrier | 15 | 64,184 t | €1.8m | −30% | −1% |
| 29 | IINO MARINE SERVICE CO., LTD. | Chemical tanker | 13 | 59,333 t | €1.8m | −24% | −12% |
| 30 | Golden Union Shipping Co SA | Bulk carrier | 14 | 62,405 t | €1.7m | −21% | +7% |
| 31 | MOL SHIP MANAGEMENT (SINGAPORE) PTE. LTD. | Vehicle carrier | 7 | 60,506 t | €1.7m | +3% | −1% |
| 32 | NEW SHIPPING KAISHA, LTD. | Chemical tanker | 8 | 52,764 t | €1.6m | +4% | −30% |
| 33 | SK shipping Co Ltd | LNG carrier | 3 | 60,572 t | €1.6m | – | – |
| 34 | Naftomar Shipping & Trading Co Ltd | Gas carrier (LPG) | 11 | 50,010 t | €1.6m | +81% | +50% |
| 35 | FUKUJIN KISEN CO., LTD. | Container | 6 | 57,303 t | €1.6m | −26% | −11% |
| 36 | Laskaridis Maritime SA | Bulk carrier | 13 | 56,032 t | €1.6m | −34% | −1% |
| 37 | Navios Technical Management SA | Bulk carrier | 8 | 55,851 t | €1.6m | −34% | +3% |
| 38 | Union Marine Mgmt Serv Pte Ltd | Bulk carrier | 11 | 54,778 t | €1.6m | −21% | −3% |
| 39 | Wisdom Marine International Inc. | Bulk carrier | 13 | 54,220 t | €1.5m | −2% | −6% |
| 40 | Wilhelmsen Ship Management Sdn. Bhd. | Gas carrier (LPG) | 3 | 55,690 t | €1.5m | – | – |
| 41 | BESIKTAS LIKID TASIMACILIK DENIZCILIK TICARET A.S. | Chemical tanker | 13 | 40,771 t | €1.4m | +37% | +35% |
| 42 | CLEANSEAS SHIPMANAGEMENT, INC. | Bulk carrier | 10 | 46,894 t | €1.4m | −17% | −6% |
| 43 | Anglo Eastern Ship Management Pte. Ltd | Oil tanker | 6 | 42,997 t | €1.3m | −33% | −8% |
| 44 | "UMM" LLC | Ro-pax | 4 | 43,519 t | €1.3m | – | – |
| 45 | MOL Ship Management Co., Ltd. | Vehicle carrier | 4 | 42,789 t | €1.3m | – | – |
| 46 | Okyanus Ege Denizcilik Ticaret A.S. | Container | 21 | 51,281 t | €1.2m | +286% | +41% |
| 47 | Navios Tankers Management Inc | Oil tanker | 7 | 39,308 t | €1.2m | +19% | −9% |
| 48 | UNIVERSE CRUISES LTD | Passenger | 1 | 34,750 t | €1.2m | – | – |
| 49 | HOKOKU MARINE CO., LTD. | Bulk carrier | 5 | 37,929 t | €1.1m | −21% | −13% |
| 50 | FUJIAN OCEAN SHIP MANAGEMENT COMPANY LIMITED | Bulk carrier | 10 | 37,023 t | €1.1m | −3% | +17% |
- Allowances :
- EU ETS allowances due for the year, at the chosen price.
- vs segment median :
- CO₂ per transport work against the median segment ship. Below 0% is better.
- vs similar-size ships :
- CO₂ per transport work of the median ship, against the median ship of the same size band in its segment (whole segment where the segment has no size bands). Below 0% is better.
EU ETS allowances are not a tax: companies buy and surrender one allowance per tonne of CO₂ in scope. Figures use the 2025 phase-in share and an EUA price of €75 per tonne, which the commercial view lets you change. The flag is estimated from the port of registry; see the Flags page.