Panama’s bunker fuel market experienced a notable downturn in August 2025, with total sales reaching 419,056 metric tonnes (mt), marking an 8.3% decrease compared to 457,126 mt in August 2024.

Breakdown of August 2025 Bunker Fuel Sales

Pacific Side (351,419 mt):

• Very Low Sulphur Fuel Oil (VLSFO): 227,644 mt
• RMG 380: 84,932 mt
• Marine Gas Oil (MGO): 356 mt
• Low Sulphur Marine Gas Oil (LSMGO): 38,487 mt

Atlantic Side (67,637 mt):

• VLSFO: 58,682 mt
• RMG 380: 7,863 mt
• MGO: 2,910 mt
• LSMGO: 8,308 mt

Market Dynamics and Trends

• Shift in Fuel Preferences: The share of High Sulphur Fuel Oil (HSFO) in total bunker sales declined from 32.8% in August 2024 to 21% in August 2025.
• Average Stem Size: Increased to 701 mt per vessel in August 2025, up from 673 mt in July 2025.
• Bunker Barges: The number of bunker barges supplying fuel remained steady at 28 in August 2025.

Year-to-Date Overview

Despite the August decline, Panama’s bunker fuel sales for the first eight months of 2025 totaled 3.54 million mt, reflecting an 11.3% increase compared to 3.18 million mt during the same period in 2024.

Price Trends

• VLSFO Pricing: Average price at Balboa port was $516.10/mt, down from $535.30/mt in July 2025.
• Global Price Comparison: The G20-VLSFO Index averaged $534.40/mt in August 2025, down from $552.80/mt in July 2025.

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This decline in bunker fuel sales in Panama’s strategic maritime hub underscores the dynamic nature of global shipping fuel demand and highlights ongoing shifts in fuel preferences and pricing trends.

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