55. The authors realize that some of the 18 vessels could have been sold to Panamanian fishermen in a legal, above- 

 board manner. It is also possible that Spanish fishermen have established joint venture operations with Panamanian 

 fishing interests. However, it is also possible that some of these vessels have been reflagged. Reflagging could 

 be done to avoid Spanish taxes, safety regulations, or other restrictions. Reflagging could also be undertaken to 

 allow Spanish fishermen to harvest species that are tightly controlled in Europe. These vessels could operate out 

 of Spanish ports or they could operate far from Panama, seeking only a legal presence on Panamanian registries. 



56. The idea is not as farfetched as it may appear. A Spanish firm, identified as Interburgo, S.A., has licensed a 

 ship identified as Sekishu (the name could be Japanese or Chinese), 991.37-GRT, in Honduras under registration 

 number L- 192 1792. The authors have no additional information about this vessel, but a 991 -CRT represents a fairly 

 large vessel. In addition, there is a vessel identified as La Paloma (4,358-GRT) registered in Honduras; the 

 Government of Honduras, however, does not have any information about the owner of this vessel or the original 

 flag state of the vessel. It is possible that the La Paloma (the name means "dove" in Spanish) could be of Spanish 

 origin. A 4,358-GRT vessel is a large vessel. 



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