Image Credit: Ship & Bunker / Data Credit: AMP

• Panama HSFO sales jumped 37.5% YoY to 121,361 mt in August, an eight-month high
• HSFO share of 29.5% the highest since December 2024, mirroring the shift seen in Singapore
• VLSFO dipped 12.2% YoY to an 11-month low, taking total August sales down 1.8% to 411,383 mt
• January to August sales of 3.55 million mt are a record high, just beating 2025’s total to be the highest ever for the 8-month period 

Panama's HSFO bunker sales climbed to an eight-month high in August and took their largest share of the market since December 2024, even as a dip in VLSFO demand and fewer bunker calls left total sales slightly lower on the year, according to preliminary data released by the Panama Maritime Authority (AMP) this week.

411,383 mt of conventional marine fuel was sold during the month, down 1.8% from last year and 3.9% from July's volume.

Product Breakdown

VLSFO sales fell to 246,908 mt in August, the lowest since September 2025. The figure was down 12.2% year on year and 11.1% from July.

HSFO sales went the other way, totalling 121,361 mt, a jump of 37.5% from a year earlier and 14.5% from July, and the highest since December 2025.

HSFO accounted for 29.5% of total August bunker sales, up from a 21.1% share last year and the highest share since December 2024.

The shift mirrors Singapore, where HSFO sales rose 7.3% on the month to 2.10 million mt in August, the highest since January, while VLSFO fell 5.8%, a swing that follows a wider VLSFO-HSFO spread amplifying the cost advantage for scrubber-fitted ships.

LSMGO sales declined 22.4% year on year to 35,803 mt, the lowest since February 2025, while MGO sales more than doubled to 7,311 mt.

A total of 566 bunker calls were recorded in August, down from 598 in August 2025 and 629 in July 2026.

No bio-blended bunker sales were recorded last month.

28 barges supplied bunker fuels in August, down from 32 in July.

The average stem size in Panama last month was about 727 mt, compared to 680 mt in July.

Sales on the Pacific side fell 4.7% year on year to 334,990 mt, while Atlantic sales rose 13% to 76,393 mt.

Over the first eight months of the year Panama has sold 3.547 million mt of bunkers, a record high albeit just 4,353 mt more than in the same period of 2025, with VLSFO up 1.6% and HSFO down 5%.