Americas News
Bunker Prices in Panama Surge to Year's Highest Levels
Bunker prices in Panama have surged to their highest level of the year, according to Ship & Bunker data, with tight avails at Balboa reported to be a factor behind the development.
According to Ship & Bunker data, prices for IFO 380 Friday reached $284.50 pmt - a week-on-week gain of $27.50.
A Panama-based trader told Platts that one supplier was out of product, which led other suppliers to raise their prices.
"It's very congested," the trader added.
A U.S.-based trader that conducts business with Panama told Platts that "generally the market there has been stronger in the past three weeks just because demand is picking up."
The trader further noted that one supplier, who often offers some of the lowest prices, has not been active in the local spot market for the past three weeks.
Hurricane Matthew is also likely having a short-term effect on Panama's prices, the trader added, but noted that, overall, the hurricane is "not that big of a deal" for the local market.
