Panama bunker demand bounces back. File Image / Pixabay
Panama's September bunker sales made an impressive recovery from their recent COVID-induced slump with a total of 375,126 mt sold during the month, according to the latest data from Panama Maritime Authority (AMP).
The total for all products on both sides of the Canal represents a year-over-year monthly decline of 4.7%, a significant improvement over the near 30% drop seen last month.
The performance means Q3 2020 sales at the key port were 1,082,000 mt, down 23% compared to the 1,405,603 mt sold during the same three-month period in 2019.
With an average stem size in Q3 2019 of 722 mt compared to an average stem size of 706 mt in Q3 2020, the decline in sales has been driven almost entirely by a reduction in the number of calls for bunkers.
Panama is not alone in witnessing a sharp drop in sales, with a recent Ship & Bunker market survey indicating Q2 demand globally was down 9.3%.