Preliminary data released by the Panama Maritime Authority reveals that the marine fuel sales in Panama experienced a notable decline in 2023. A total of 4,905,035 metric tonnes (mt) of marine fuel were sold last year, reflecting an approx. 6.3% decrease compared to the 5,241,369 mt recorded in 2022. The dip in marine fuel sales is attributed to a combination of factors, with a significant impact stemming from a severe drought in the Panama region.
Importance of Panama Bunker Market: Navigating Challenges and Exploring Alternatives
Panama, as a strategic maritime hub, plays a crucial role in global shipping, serving as a key location for bunkering operations. The Panama Canal, a vital waterway connecting the Pacific and Atlantic oceans, has historically influenced marine fuel sales. However, the severe drought experienced in the region has led to limitations on the number of ships transiting the Panama Canal. The decrease in overall marine fuel sales was accompanied by an approx. 5.5% drop in the number of vessels bunkered. In 2023, 7,144 vessels were fueled in Panama compared to 7,560 vessels in 2022.
As a result, the dynamics of the Panama bunker market have witnessed shifts, prompting a closer examination of fuel sales and vessel bunkering trends. Understanding these changes is essential for stakeholders in the maritime industry as they navigate challenges and adapt to evolving trade routes, choosing to navigate through the Strait of Magellan and Cape Horn.
Monthly Shipments by Area 2023 (in Barrels)
| Area/Product | Fuel Oil (Pacific) | Marine Gasoil (Pacific) | Fuel Oil (Atlantic) | Marine Gasoil (Atlantic) |
|---|---|---|---|---|
| Jan-23 | 2,162,017.5 | 303,161.41 | 636,762.9 | 97,484.75 |
| Feb-23 | 2,006,885.63 | 318,728.7 | 409,903.69 | 62,394.77 |
| Mar-23 | 2,589,169.88 | 277,685.08 | 508,660.25 | 73,112.24 |
| Apr-23 | 1,940,641.31 | 239,223.33 | 381,816.23 | 73,204.34 |
| May-23 | 2,043,859.59 | 225,889.81 | 377,455.64 | 106,873.15 |
| Jun-23 | 1,839,443.27 | 259,874.87 | 450,973.42 | 73,032.05 |
| Jul-23 | 2,076,155.61 | 250,985.88 | 547,487.56 | 77,469.8 |
| Aug-23 | 1,933,847.47 | 247,247.31 | 492,873.32 | 61,714.76 |
| Sep-23 | 2,087,102.59 | 251,382.11 | 490,949.23 | 48,308.19 |
| Oct-23 | 2,138,925.3 | 255,577.44 | 500,910.88 | 41,583.38 |
| Nov-23 | 1,828,110.62 | 218,923.75 | 442,879.26 | 127,087.44 |
| Dec-23 | 1,904,801.67 | 214,213.41 | 231,027.87 | 160,516.74 |
Panama Marine Fuel Sales 2023 (in metric tonnes)
| Fuel Grade | 2022 Sales (mt) | 2023 Sales (mt) | Year-on-Year Change |
|---|---|---|---|
| Very Low Sulphur Fuel Oil | 3,472,585 | 3,379,121 | -3% |
| High Sulphur Fuel Oil | 1,169,700 | 998,015 | -15% |
| Low Sulphur Marine Gasoil | 417,797 | 361,365 | -14% |
| Marine Gasoil | 110,102 | 104,596 | -5.0% |
Source Autoridad Marítima de Panamá