Panama November bunker sales dropped by 11pc from the month prior, when they reached their highest total in nearly five years.
Bunker sales last month totaled 468,095 metric tonnes (t) compared with their October level of 524,549t, which was the highest since August 2019, according to the latest data from the Panama Canal Authority (ACP).
High-sulphur fuel oil (HSFO) sales declined by 17pc from October to November, the largest drop of sales of the three marine fuel grades compiled by the ACP. HSFO sales totaled 130,068t in November compared with 157,058t in October.
Marine gasoil sales fell by 10pc to 45,910t in November from 51,081t in the previous month.
Very low-sulphur fuel oil (VLSFO) sales totaled 291,505t, an 8pc fall from sales in October.
Bunker market players may be opting to make purchases at other ports as prices in Panama have increased in recent months. The Panama VLSFO monthly average was assessed at a $7/t premium to Singapore, the world's largest bunkering port, after it was pegged at discounts as high as $37/t in the previous four months.
Panama VLSFO has been the lowest price in Latin America for much of this year, but it was assessed on par with VLSFO in Santos, Brazil, last month and only $2/t lower than Buenos Aires, Argentina.
Despite the decline last month, the November 2024 total was the second highest so far this year as more vessels have been using the Panama Canal because of improved water levels, enabling the facility to take on more ship activity.
Year-over-year, Panama November sales were up by 22pc compared with the same month in 2023 and by 13pc compared with sales in November 2022.
Water Levels at the Gatun Lake were projected to reach an all-time high this month, the ACP said, which may enable Panama bunker sales to maintain its elevated pace compared with the last two years.
