Panama has posted its strongest year-to-date bunker sales on record, even as total fuel volumes softened slightly in August amid a marked shift toward high sulfur fuel oil (HSFO), according to preliminary data released by the Panama Maritime Authority (AMP) and reported by Ship & Bunker.
August Sales Dip Slightly Despite Record Run
According to Ship & Bunker, Panama sold 411,383 mt of conventional marine fuel in August, a decline of 1.8% year on year and 3.9% lower than July. Despite the monthly dip, cumulative sales for January through August reached 3.547 million mt, described by Ship & Bunker as a record high for the eight-month period, narrowly surpassing the same period in 2025 by 4,353 mt.
HSFO Gains Ground as VLSFO Retreats
The report details a clear shift in fuel-grade demand. HSFO sales rose 37.5% year on year and 14.5% month on month to 121,361 mt, marking an eight-month high. HSFO’s share of total August sales climbed to 29.5%, up from 21.1% a year earlier, and the highest proportion since December 2024, Ship & Bunker reports.
VLSFO sales moved in the opposite direction, falling 12.2% year on year and 11.1% month on month to 246,908 mt, the lowest level since September 2025.
Ship & Bunker notes that this trend mirrors developments in Singapore, where HSFO sales increased 7.3% month on month to 2.10 million mt in August, the highest since January, while VLSFO fell 5.8%. According to the report, a widening VLSFO-HSFO price spread is increasing the cost advantage for scrubber-fitted vessels, a dynamic reflected in both bunkering hubs.
Other Fuel Grades and Operational Data
LSMGO sales in Panama fell 22.4% year on year to 35,803 mt, the lowest since February 2025, while MGO sales more than doubled to 7,311 mt, Ship & Bunker reports. No bio-blended bunker sales were recorded during the month.
The AMP data cited by Ship & Bunker also shows 566 bunker calls in August, down from 598 a year earlier and 629 in July. Twenty-eight barges supplied fuel during the month, compared with 32 in July, while the average stem size rose to about 727 mt from 680 mt in July. Regionally, Pacific-side sales fell 4.7% year on year to 334,990 mt, while Atlantic sales rose 13% to 76,393 mt.
Does This Matter to You?
The shift toward HSFO in Panama, mirrored in Singapore according to Ship & Bunker, points to widening economics between fuel grades that could influence bunkering decisions for scrubber-equipped vessels transiting or calling at these hubs. Buyers and traders tracking fuel availability, stem sizes, and grade-specific pricing in major bunkering ports may find the data relevant when assessing procurement strategy. The report does not provide further detail on price spreads or forward-looking demand, so the direct operational impact beyond the reported volumes is not specified in the source material.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
