Panama Bunker Sales Rose 4.1% Year on Year in 2025 on Higher VLSFO Sales

Image Credit: Ship & Bunker / Data Credit: AMP

• Total bunker sales reached 5.31 million mt in 2025, up from 5.10 million mt in 2024
• Highest annual sales since at least 2020.
• VLSFO sales grew by 10.2% y-o-y to 3.41 million mt
• HSFO sales shrank by 11.9% y-o-y to 1.31 million mt
• LSMGO sales jump 8.7% to 521,847
• Bio-blended bunker sales totalled 4,721 mt in 2025, from none recorded in 2024
• Calls for bunkers up 11.5% y-o-y to 7,466

Panama's total bunker sales reached 5.31 million mt in 2025, up by 4.1% from 5.10 million mt recorded in 2024, according to preliminary data released by the Panama Maritime Authority (AMP) this week.

Overall, the 2025 bunker sales were the highest since at least 2020.

The increase was largely driven by stronger demand for VLSFO.

Sales of VLSFO rose by 10.2% year on year to 3.41 million mt, lifting its share of total bunker volumes to 64.2%, from 60.7% in 2024.

At the same time, demand for HSFO weakened. Sales of the grade fell by 11.9% to 1.31 million mt, although volumes were still higher than those recorded in 2023.

HSFO accounted for 24.6% of total bunker sales last year, down from 29.1% in 2024.

LSMGO sales grew 8.7% year-on-year to 521,847, while MGO sales shrank by 41.4% to 64,481 mt.

AMP began reporting bio-blended bunker sales last year. About 4,721 mt of biofuel blends were sold in 2025, compared with no recorded volumes in 2024.

Panama saw a total of 7,466 calls for bunkers in 2025, representing an 11.5% increase from the 6,696 recorded in 2024.

The average stem size was 710 mt in 2025, down from 762 mt in 2024.

An average of about 29 bunker barges operated in Panama in 2025, down from around 32 in 2024.

Balboa's average VLSFO price in 2025 was $511/mt, down significantly from the $608/mt average in 2024, according to Ship & Bunker data.

Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports was $535.5/mt, down from $625.5/mt in 2024.

Singapore's 2025 bunker sales grew by 3.2% to a record high of 56.20 million mt in 2025.