Panama Bunker Sales Jumped to Seven-Month High in May

by Ship & Bunker News Team
Tuesday June 18, 2024

Marine fuel demand in Panama advanced on a monthly basis to the highest level in seven months in May, while remaining below the level seen a year ago.

Panama's total sales reached 398,064 mt in May, according to preliminary data from the Panama Maritime Authority (AMP). The total was down by 2% from a year earlier, but up by 5.5% from April's level and the highest monthly total since October.

Singapore, the world's largest marine fuels hub, saw conventional and biofuel bunker sales jump by 5.6% on the year by 13.7% on the month in May.

VLSFO sales in Panama lost 8.1% on the year to 244,616 mt in May. HSFO gained 17.2% to 118,519 mt, MGO sank by 40.3% to 3,744 mt and LSMGO slipped by 4.8% to 31,185 mt.

HSFO's share of the total was 29.8%, up from 24.9% a year earlier.

The number of ships coming to Panama to bunker advanced by 6.9% on the year to 580 in May, taking the average stem size down by 2.7% to about 686 mt. So far this year the average stem size has been about 744 mt.

The VLSFO price at Balboa averaged $622/mt in May, according to Ship & Bunker data, down by 7.2% from April's level but up by 6% from May 2023.

Singapore's average VLSFO price in May was $620/mt, down by 4.5% from April's level but up by 8% from the level seen a year earlier.

Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 4.9% on the month and gained 8.5% on the year to $635.50/mt in May.