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Many companies Worldwide would choose to register their ships under the Panama flag, as it comes with high tax incentives.
The registered OWNER of that merchant ship under the flag of Panama is Black Hawk Shipping Ltd - a Turkey shipping firm, not Panama owned,
The Red Sea is a choke point & currently there are many vessels in that region, thanks to the Houthis barbarism upon open seas. Thus may each vessel be more cautious & alert to avoid further incidents. Fortunately, the damage was slight to both vessels.