The number of vessels bunkering in Panama, which has become a large distributor of fuels in the region, grew to 5,253 vessels, up 7.18% compared to 2011. Bunkering on the Panama Canal Pacific side grew by 4.94% to 2.47m metric tonnes with the number of vessels increasing by 3.64% to 3,508 ships. On the Atlantic side, sales and the number of vessels were down 2.94% and 4.75% respectively.
“The increase of sales is the result of very aggressive pricing policies by the suppliers that are selling with very small margins. This is also influenced by the supply side bringing more fuels to the Pacific side and putting pressure on the sales to empty the tanks fast to receive the new cargoes,” Jose Digeronimo, general manager VT Shipping Panana told Seatrade Global.
“Also on the low sulphur fuel sales, the Pacific side has more terminals and the operation is easier. This is the first year that Panama has offered low sulphur fuels, and we are in the learning curve on how that will affect the sales.”
Prices between Panama and Houston, its main competitor in the region, gave the advantage to Houston with $631 for high sulphur 380 cst compared to Panama with $642 for HS380 cst on 25 February. However, if the “supply side gets more stable, we may see prices climbing quickly,” commented Digeronimo.
As the Panama Canal expansion nears completion in 2015 allowing the transit of post-Panamax vessels, “There is a lot of potential for bunkering to expand together with the canal, but it will all depend in finding the supply. At the moment, Panama has the demand, the infrastructure, the adequate legislation and trained and experienced people. What we need is the supply,” Digeronimo said.
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