Americas News
Panama Bunker Demand Drops to Three-Year Low on Reduced Canal Capacity
Marine fuel demand in Panama sank to the lowest level in more than three years in January as low water levels limited transits through its canal.
Panama's total sales reached 377,542 mt in January, according to preliminary data from the Panama Maritime Authority (AMP). The total was down by 13.2% from a year earlier, by 3.7% from December's level and the lowest monthly total since November 2020.
Singapore, the world's largest marine fuels hub, saw conventional and biofuel bunker sales advance by 11.9% on the year but lost 2.9% on the month in January.
VLSFO sales in Panama lost 19.7% on the year to 247,541 mt in January. HSFO gained 12.7% to 88,742 mt, MGO sank by 29.4% to 8,157 mt and LSMGO slipped by 8.6% to 33,102 mt.
HSFO's share of the total was 23.5%, up from 18.1% a year earlier.
The number of ships coming to Panama to bunker declined by 28.1% on the year to 496 in January, taking the average stem size up by 20.8% to about 761 mt. Over the previous 12 months the average stem size was about 676 mt.
The VLSFO price at Balboa averaged $604.50/mt in January, according to Ship & Bunker data, up by 1.1% from December's level but down by 7.6% from January 2023.
Singapore's average VLSFO price in January was $617/mt, up by 0.8% from December's level but down by 4.3% from the level seen a year earlier.
Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports gained 0.9% on the month but lost 3.9% on the year to $637.50/mt in January.
