According to Ship & Bunker data, there is a steep surge in the Bunker prices in Panama. This could be the highest level of the year; the factor behind this surge is due to tight avails at Balboa. The data provided by Ship bunker shows that prices for IFO 380 Friday reached $284.50 pmt – a week-on-week gain of $27.50.
A Panama-based trader told that one supplier was out of product, which led other suppliers to raise their prices. He further added, “It’s very congested”.
Another U.S. based trader who conducts business with Panama told, “Generally the market there has been stronger in the past three weeks just because demand is picking up.” The trader further noted that “One supplier, who often offers some of the lowest prices, has not been active in the local spot market for the past three weeks. Hurricane Matthew is also likely having a short-term effect on Panama’s prices; overall, the hurricane is “not that big of a deal” for the local market”.
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Source: Ship & Bunker
