The Panama Flag is the largest Flag of Convenience (FOC) for merchant ships in the world. The maximum number of Bangladeshi seafarers working overseas are working onboard Panama registered vessels.

M/S. Haque & Sons Ltd. is the largest and oldest crew management company in Bangladesh and it recruits and employs more than 1300 seafarers yearly and employs more than five hundred seafarers on board Panama Registered vessels.

The Managing Director of M/S Haque and Sons Ltd., Mr. Emdadul H Chowdhury is the authorized Panama Embassy Korea Liaison officer for Maritime Affairs in Chittagong. In this regard, recently M/S Haque & Sons Ltd introduced the honourable Shipping Minister of Bangladesh, Mr. Shajahan Khan, M.P, Director General of the Department of Shipping, Commodore M. Zakiur Rahman Bhuiyan, psc, BN and Dr. S.M. Nazmul Huq, Project Director (GMDSS), Engineer & Ship Surveyor & Examiner, Department of Shipping, Government of the People's Republic of Bangladesh to his Excellency The Ambassador and Consul of Panama in Republic of Korea, Mr. Ruben Eloy Arosemena Valdes along with Ms. Rossana Alida Stanziola de Miller, Head of Chancery and Ms. Maripaz Jung (Gyeong-soon), Maritime Service Officer. The meeting took place in Seoul, Korea and discussion were held in promoting and increasing employment of Bangladeshi seafarers with owners of Panama registered vessels and Panama flag documentation for Bangladeshi seafarers employed on Panama registered ships.