On the subject, ClassNK Technical Information No. TEC-0437 dated 1 February 2002 has been issued according to the Merchant Marine Circular No. 118 of the Panamanian government.
The Panamanian government now has notified us that words "two watchstanding deck officers" on the Circular No. 118 means "the Master and an officer, or two officers". According to the notification, qualification and number of radio personnel required on board Panamanian flag GMDSS ships is reproduced below for information/action.
This Technical Information supersedes the ClassNK Technical Information No. TEC-0437.

Qualification and Number of Radio Personnel required on board Panamanian Flag GMDSS Ships
For ships engaging on voyages beyond sea area A1 with shore-based maintenance,
- Two watchstanding deck officers each with a GOC (they could be the Master and an officer, or two officers), or one dedicated radio officer with a GOC.
* Certificates to be issued by the Panamanian Government.

For any questions about the above, please contact:

NIPPON KAIJI KYOKAI (ClassNK)
Material & Equipment Department, Administration Center, Head Office
Address: 4-7, Kioi-cho, Chiyoda-ku, Tokyo 102-8567, Japan
Tel.: +81-3-5226-2020
Fax: +81-3-5226-2057
E-mail: eqd@classnk.or.jp