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.
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.
Industrialists in Costa Rica are opposed to the appeal lodged by deputies against the presidential decree that prevented the rise of 72% in the price of LP gas and 35% in bunker fuel.
From a statement issued by the Chamber of Industries of Costa Rica:
The Chamber of Industries of Costa Rica said that nullifying the presidential decree on Sector Policy, as several Deputies want to do, will affect employment.Last week, deputy Luis Alberto Vasquez Castro and other lawmakers presented an appeal to the Constitutional Court against the decree by President Luis Guillermo Solis of January, a decree that prevented the ARESEP from changing the methodology of fuel prices.This presidential decree, put an end to the disproportionate increase in the price of Liquefied Petroleum Gas (LPG), 72%, and bunker fuel, 35%, which are key materials for the industrial sector.
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. "
Taxes paid in cash by thermal power generators for diesel and bunker fuel imports could be returned in the form of state bonds.
Elheraldo.hn reports that "staff at the Ministry of Finance (Sefin) participated "in an analysis and preparation of regulation for tax payments to thermal generators through bonds".
This measure has annoyed thermal companies, who believe that if they pay taxes in cash, the repayment should be made under the same terms.
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.
Delays in unloading a ship and specifications errors have forced the state electricity company, the ICE, to use diesel instead of bunker fuel to generate electricity.
A boat containing bunker fuel for had to wait 11 days in Puerto Caldera before unloading. "The delay forced the Costa Rican Electricity Institute (ICE) to use diesel (much more expensive) to produce electricity during that time", reported Nacion.com.
The Panama Maritime Chamber is calling for legislation for fuel services to cover the event of a fuel spill and the operation of ships in domestic waters related to the service.
"We have a maritime laws for classification, construction and manning of international ships, but not for ships in national waters," said Joseph DiGeronimo, president of the Maritime Chamber of Panama, reported Prensa.com.