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 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%.
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. "
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.