Panama March Bunker Sales Jump to Three-Month High

by Ship & Bunker News Team
Monday April 17, 2023

Marine fuel demand in Panama advanced on both a monthly and yearly basis in March, reaching the highest level in three months.

Panama's total sales reached 467,425 mt in March, the most since December, according to preliminary data from the Panama Maritime Authority (AMP). The total was up by 10% from a year earlier and by 15.8% from February's level.

Singapore, the world's largest marine fuels hub, saw sales rise by 10.8% year-on-year in March and advance by 10% from February's level

Panama's Q1 total was 1.3 million mt, down by 2.7% from Q4 of last year and the lowest quarterly level since Q1 2022.

VLSFO sales in Panama gained 27.2% on the year to 322,143 mt in March. HSFO sank by 26.6% to 93,725 mt, MGO jumped by 50.2% to 14,254 mt and LSMGO advanced by 7.7% to 37,303 mt.

HSFO's share of the total was 20.1%, down from 30% a year earlier.

The number of ships coming to Panama to bunker advanced by 9% on the year to 669 in March, taking the average stem size up by 0.9% to about 699 mt. Over the previous 12 months the average stem size was about 686 mt.

The VLSFO price at Balboa averaged $818/mt in March, according to Ship & Bunker data, down by 6.9% from February's levels and by 31.3% from March 2022.

Singapore's average VLSFO price in March was $583/mt, down by 9.3% from February's level and by 34.9% from the level seen a year earlier. Ship & Bunker's G20-VLSFO Index of average prices across 20 leading bunkering ports lost 6.8% on the month and 33.1% on the year to $620/mt in March.

Ship & Bunker News Team
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