The Air Panama F-27 rotated on takeoff from runway 36 at Gelabert Airport (BLB), and about the time the landing gear was retracted, the airplane sank and impacted the runway, coming to rest in the upright position about 1,200 feet short of the departure end of the runway. CONCLUSIONS: The probable cause of the accident was the loss of lift at 50 feet in altitude immediately after selecting gear up, without having reached the rotation speed at the time it was executed. SERIES OF EVENTS THAT CONTRIBUTED TO THE INCIDENT: – The co-pilot’s confusion in interpreting the information transmitted by the captain led him to initiate rotation before achieving the speed of 95 knots (V1). – Additionally, not activating the water-methanol system under the prevailing meteorological conditions, with a wet runway and the takeoff weight of the aircraft, led to the crew not having the engine power necessary for takeoff due to the moist conditions affecting the engines.