Panamanian Ambassador to South Korea Aram Cisneros awarded KSS Shipping Services CEO Yoon Chang-hee with a meritorious plaque of appreciation, recognizing the company’s role in helping to strengthen commercial ties between South Korea and Panama. KSS helped to strengthen commercial ties, buoying the local community of sea transporters by adding four new vessels last year registered under the Panamanian flag of convenience.

“While many shipping companies struggled last year during a time of global economic recovery, KSS expanded its operations by adding four new vessels. This contributed to buoying the South Korean sea transport market and contributed to Panamanian-South Korean bilateral relations,” Cisneros said.

A total of 11 KSS shipping vessels now fly the Panamanian flag.

With more than 80 years of experience, a reputation for dependability and safety, and its diplomatic missions around the world providing clients around-the-clock maritime affairs services, Panama Maritime Authority has long been the No. 1 open-registry organization for South Korean shipping companies.

The 9,000 ships registered under the Panamanian flag of convenience account for 349 million deadweight tons, about 24 percent of the world’s DWT, and 11 percent of the ships are South Korean.

Ship owners often register their vessels in a sovereign state different from their own, such as Panama, to reduce operating costs and leverage the regulatory flexibility that comes from registering under a flag of convenience.

By Philip Iglauer (ephilip2011@heraldcorp.com)