Americas News
Panama Bunker Demand Rallies in October
Marine fuel demand in Panama rallied in October after dropping to a seven-month low the previous month.
Panama's total sales reached 453,654 mt in October, according to preliminary data from the Panama Maritime Authority (AMP). The total was up by 9.5% from a year earlier and by 18.9% from September's level.
Singapore, the world's largest marine fuels hub, saw sales slip by less than 0.1% year-on-year in October but jump by 7.1% from September's level.
Panama's October HSFO sales lost 12.5% on the year to 83,449 mt, but advanced by 9.1% on a monthly basis. HSFO's share of the total was 18.4%, down from 23% a year earlier.
VLSFO gained 25.3% on the year to 321,172 mt, MGO fell by 61.2% to 9,617 mt and LSMGO rose by 3.7% to 39,416 mt.
The number of ships coming to Panama to bunker rose by 10.8% on the year to 656 in October, taking the average stem size down by 1.2% to about 693 mt. Over the previous 12 months the average stem size was about 702 mt.
The VLSFO price at Balboa averaged $716.50/mt in October, according to Ship & Bunker prices, down by 3.7% from September's levels but up by 154.3% from October 2021.
Singapore's average price in October was up by 4.8% from September's level and by 19.5% from the level seen a year earlier. Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports gained 1% on the month and 27.6% on the year to $750/mt in October.
