MGO sales in Panama down by 9.7%

Some 377,649 metric tonnes (mt) of marine fuel were sold in Panama last month – 9.7% down on the 418,415 mt registered in February 2021.

Last month’s total also represented a 16.4% drop on the 451,664 mt of marine fuel sales recorded in January.

A total of 229,359 mt of very low sulphur fuel oil (VLSFO) was sold in February – the lowest monthly total since June 2020 and the second lowest total since the introduction of the 0.50% global sulphur cap. Moreover, amid a widening price differential between low and high sulphur fuels in recent months, sales of heavy fuel oil (HFO) exceeded the 100,000 mt mark for the first time since December 2019.

Elsewhere, sales of marine gasoil (MGO) continued their downward trajectory, falling for a fourth successive month since the 2021 high of 24,814 mt recorded in October.

Sales of low sulphur marine gasoil (36,705 mt) rose 16.1% year-on-year (y-o-y) but slipped 7.2% month-on-month (m-o-m).

During the first two months of the year, a total of 829,313 mt of marine fuel was sold in Panama – 0.3% down on the 832,065 mt registered during the same period in 2021.

Some 567 vessels were bunkered in February – 32 more than in February 2021 but 48 fewer than in January.

A total of 33 bunker barges were in operation in the Central American marine fuel hub last month – three more than in February 2021 but two fewer than in January.

Source: Bunkerspot