Americas News
Panama Bunker Sales Advance in May
Marine fuel demand in Panama rallied on a monthly basis in May, having hit a seven-month low the previous month, but remained lower than the level seen a year earlier.
Panama's total sales reached 406,355 mt in May, according to preliminary data from the Panama Maritime Authority (AMP). The total was down by 3.5% from a year earlier and up by 5.6% from April's level.
Singapore, the world's largest marine fuels hub, saw sales rise by 11.8% year-on-year in May and advance by 6.2% from April's level.
VLSFO sales in Panama gained 7.9% on the year to 266,223 mt in May. HSFO sank by 19.2% to 101,093 mt, MGO slumped by 50.7% to 6,276 mt and LSMGO declined by 10.4% to 32,763 mt.
HSFO's share of the total was 24.9%, down from 29.7% a year earlier.
The number of ships coming to Panama to bunker declined by 5.7% on the year to 576 in May, the least since February 2022, taking the average stem size up by 2.3% to about 705 mt. Over the previous 12 months the average stem size was about 680 mt.
The VLSFO price at Balboa averaged $585/mt in May, according to Ship & Bunker data, down by 6.6% from April's level and by 37.1% from May 2022.
Singapore's average VLSFO price in May was was $574/mt, down by 5.5% from April's level and by 39% from the level seen a year earlier. Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 6.5% on the month and 38.5% on the year to $585.50/mt in May.
