Marine fuel demand in Panama sank on both a monthly and yearly basis in April, reaching the lowest level in seven months as HSFO sales plummeted, reports Ship And Bunker.
Total sales
Panama’s total sales reached 383,908 mt in April, the least since September, according to preliminary data from the Panama Maritime Authority (AMP). The total was down by 19.7% from a year earlier and by 17.9% from March’s level.
Singapore, the world’s largest marine fuels hub, saw sales rise by 13.4% year-on-year in April and advance by 1.9% from March’s level.
VLSFO sales in Panama lost 5.5% on the year to 273,347 mt in April. HSFO sank by 48% to 69,941 mt, MGO jumped by 5.3% to 9,634 mt and LSMGO declined by 31.4% to 30,986 mt.
HSFO’s share of the total was 18.2%, down from 28.1% a year earlier.
The number of ships coming to Panama to bunker declined by 19.9% on the year to 587 in April, the least since February 2022, taking the average stem size down by 9.8% to about 654 mt. Over the previous 12 months the average stem size was about 687 mt.
The VLSFO price at Balboa averaged $626.50/mt in April, according to Ship & Bunker data, up by 1.6% from March’s level but down by 29.9% from April 2022.
Singapore’s average VLSFO price in April was $607.50/mt, up by 4.2% from March’s level but down by 29% 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 lost 31% on the year to $626.50/mt in April.
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Source: Ship And Bunker
