In the first nine months of the year, 2.8 million barrels of marine fuel were sold, 38% more than was sold in the same period in 2016.
According to figures from the Panama Maritime Authority (AMP), the sale of marine fuel during the first three quarters of 2017 increased by 38% in year-on-year terms, rising from 2 million barrels between January and September 2016 to 2.8 million barrels in the same period in 2017.
In the first half of the year 2.4 million metric tons of marine fuel were shipped into the country's port terminals, 24% more than in the same period in 2016.
The start of operations of the expanded Canal is the main reason behind the increase of almost 24% in the sale of marine fuel to boats in Panamanian ports, according to representatives from the sector. Figures from the Panama Maritime Authority report that between January and June, 2.4 million metric tons of marine fuel were traded, 461 thousand tons more than in the first half of last year.
In 2016 28.8 million barrels of fuel were sold to ships, which is 3.1 million barrels more than in the previous year.
Figures from the Panama Maritime Authority indicate that most of the bunker fuel was marketed in the Pacific, with 23.8 million barrels, while the remaining 4.9 million barrels were shipped across the Atlantic.
In 2016 total consumption increased by 4% compared to 2015, mainly explained by an 18% increase in consumption of 95 octane gasoline and 12% in bunker C.
Total consumption of gasoline, diesel, bunker C, liquefied petroleum gas and other fuels rose by 4% in 2016 compared to the previous year.In the case of gasoline, the highest increase was recorded in 95 octane, which increased by 18.5%, while consumption of regular gasoline or 91 octane fell by 3.6%.
Between January and August 2016, 2.5 million metric tons of marine fuel were sold, 7% more than in the same period in 2015.
The biggest sales growth was recorded in January, with a rise of 17%.Although the increase between 2015 and 2016 is lower than that recorded between 2014 and 2015,"...
On October 25 and 26 companies in the maritime industry will be gathering together in Panama City to discuss the impact of the enlargement of the Canal on the bunkering activity.
From a statement issued by the Maritime Chamber of Panama:
On 25 and 26 October 2016, the third edition of Panama Bunkering Forum will be held with the theme: EXPANSION AND NEOPANAMAX, New Challenges for Industry, in the Panama Wyndham Hotel, an event organized by the Maritime Chamber of Panama.The conference will last for two full days, and will include discussions of topics of interest and of direct impact to this auxiliary maritime industry which represents a significant contribution to the maritime conglomerate of Panama.This event will feature the presence and support of the Maritime Authority of Panama, the Panama Canal Authority and the Logistics Cabinet.
Construction has been announced of 9 additional storage tanks and a pier with two berths to supply 2.5 million barrels.
From a statement issued by the National Secretariat of Energy in Panama:
The sale of marine fuel or bunkering, an activity that generates about $900 million a year to the country's economy, will grow with the expanding operations of the Free Zone for Fuels, located in Bahía Las Minas, Colon Province.
In 2015 3.7 million metric tons of marine fuel were sold in Panama, 16.2% more than in 2014.
According to preliminary figures from the Maritime Authority of Panama, of the 3.7 million metric tons of marine fuel sold in 2015, 3.4 million were Fuel Oil and 252,521 Marine Diesel Oil. The number of ships catered for also increased, going from 4,699 in 2014 to 5,699 in 2015, reflecting an increase of 21.2%.
On 6 and 7 October industry representatives worldwide will gather together in Panama City to discuss issues such as the impact of the expanded canal on bunker operations.
Representatives from the Maritime Chamber of Panama, the event organizer, said to Prensa.com that "... The aim this year is to unite the bunkering sector agencies, shipping companies and their service providers, and present the problems of the sector to the various authorities in the country ".
The rise in prices and fuel supply problems in markets like Colombia explain the 10% increase in sales of bunker fuel in the first half of the year.
After experiencing a slight decrease in the rate of business growth, companies engaged in the storage and sale of marine or bunker fuel say they feel there is an improvement in the activity. In previous years, vessels transiting the Canal were buying fuel in Colombia and other Caribbean countries.
As a hub of maritime services Singapore is winning the race against Panama, which in the past sold 60 million tons of bunker fuel but now only sells 20 million.
This represents a 40% decline in the 'bunkering' market in Panama, due to several factors, including lack of competitiveness in fuel prices not being oil producer.
The president of the Maritime Chamber of Panama, Juan Carlos Croston, told Panamaamerica.com.pa that "a few decades ago ... Panama was the world's leading supplier of bunker fuel, but today Singapore, thanks to the introduction of policies which promoted competitiveness, accounts for almost 40% of the market. "
The conversion to biofuel is feasible in agribusinesses who have their own waste production the raw material needed to generate it.
The return on investment calculation of $9 million in less than four years was a deciding factor in the Cooperativa Agroindustrial de Productores de Palma Aceitera (Coopeagropal) introducing a clean energy program.
"The biggest investment is the installation of a giant digester using German technology, in which the organic matter from the plant wastewater is processed."
Although the market is not growing significantly, there is still investment being made in new terminals for the storage and supply of the fuel.
"Recently the fuel terminal Melones, located in the Pacific and rated by experts as "state of the art" went into operation. The investment in this project has been estimated at between $60 million and $90 million.