Bunker fuel sales in Panama in September 2023 have significantly decreased compared to the previous month. According to preliminary data from Panama's maritime authorities, bunker fuel sales in this month dropped by about 7 percent compared to August, averaging around 12,850 tons per day.
Severe Decline in HSFO Sales
Sales of HSFO (Heavy Fuel Oil) in September fell sharply, decreasing by about 38 percent to 75,000 tons. This amount marks the lowest monthly sales volume of this type of fuel since July 2023. Additionally, there were no HSFO sales recorded in the Atlantic side in September, while approximately 3,500 tons were sold in August.
Read more: Establishment of a Large Oil Refinery in Afghanistan by the Ministry of Mines and Petroleum
Increase in VLSFO and LSMGO Sales
In contrast, sales of VLSFO (Very Low Sulfur Fuel Oil) increased in September, growing by about 8 percent to reach 266,000 tons. Additionally, the volume of LSMGO (Low Sulfur Marine Gas Oil) sales also increased by approximately 7 percent. Meanwhile, MGO (Marine Gas Oil) sales experienced a decrease of about 28 percent, down by 0.5 percent.
Panama's ports hosted 543 vessels in September seeking fuel, a decrease from 569 vessels in August, marking the lowest number since June 2024. The number of active barges also increased from 29 to 33.
The average fuel volume taken per vessel in September decreased to about 710 tons, while this amount was 724 tons in the previous month. The market share of VLSFO has significantly increased, now accounting for about 69 percent of total bunker fuel sales. The share of HSFO has decreased to about 20 percent.
However, the bunker fuel market in Panama remains strong, and no weather disruptions are anticipated at the Balboa and Cristobal ports. In both ports, access to VLSFO and LSMGO is normal, with proposed delivery times ranging from 3 to 6 days. For HSFO, the delivery time is usually between 4 to 7 days.
Read more: Reconstruction of Damaged Pars South Refineries Ahead of Winter · OPEC+ Meeting Held on the Sidelines of the Saudi Conference
