World News
Panama's President Orders Withdrawal of VT Group's Bunker Barge Operator Licence
Panama's president has said the licence of Netherlands-based VT Group's local subsidiary to operate bunker barges in the country's waters will be revoked.
On January 15 Panama's secretary of energy had issued a resolution extending VT Shipping's licence until October 2029, local news provider La Prensa reported.
This decision has now been cancelled, President Jose Raul Mulino said at a press conference on Thursday.
"It is being cancelled," Mulino said.
"I gave the instruction to the director of the energy secretariat to cancel that renewal."
The decision comes amid a political dispute between the Netherlands and Panama over tax arrangements. The Netherlands and EU have Panama on their list of tax havens, a designation opposed by Mulino because of its economic consequences for his country.
Panama had reportedly launched an investigation into VT Shipping's tax affairs in August 2024, three months after Mulino came into office. The company has denied any wrongdoing.
VT Shipping operates three barges in Panama, the Vaals, Kollum and Venray. A total of 32 barges were operating in the country as of the end of last year, according to data from the Panama Maritime Authority.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 3.50 | 694.50 | 0.50 |
| Rotterdam | 541.00 | 1.00 | 687.50 | 1.00 |
| Houston | 566.00 | 0.50 | 732.50 | 6.00 |
| Fujairah | 568.50 | 1.00 | 770.00 | 3.50 |
| Global 20 Ports Average | 596.00 | 2.00 | 791.50 | 4.50 |
| Global 4 Ports Average | 561.50 | 1.00 | 721.00 | 2.50 |
| Global Average Bunker Price | 641.00 | 0.50 | 831.00 | 0.00 |
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