Panama’s total bunker sales surged to a 17-month peak in August 2024, with a 5% increase compared to July, hitting 457,000 mt. The rise in vessel arrivals contributed to this boost, according to ENGINE. Notably, sales of high-sulfur fuel oil (HSFO) and very low sulfur fuel oil (VLSFO) increased, while marine gas oil (MGO) sales slightly declined.
Rise in HSFO and VLSFO Sales
August saw a 14% rise in HSFO sales, reaching 150,000 mt, the highest level since IMO’s 0.5% sulfur cap was enforced in 2020. VLSFO sales also rose by 3%, totaling 264,000 mt, accounting for 61% of Panama’s total bunker sales so far this year.
Vessel Traffic and Bunker Activity
Panama saw 617 vessels bunkering in its ports, the highest since October last year, though bunker-only calls dropped by 3% compared to August 2023. The average stem size in August was 741 mt, slightly down from July.
Increased Transit Capacity at the Panama Canal
To support rising maritime traffic, the Panama Canal Authority increased daily transit slots from 34 to 36 this month. This improvement, along with steady fuel availability in major ports like Balboa and Cristobal, has maintained a stable bunker supply with a lead time of 3-5 days.
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Source: ENGINE
