Panama’s bunkering market posted its weakest monthly performance in eight months during May, driven by a notable decline in vessel calls and broad-based drops across major fuel grades, according to preliminary data from the Panama Maritime Authority (AMP) as reported by Ship & Bunker.
Sales Volume Falls Sharply
Total conventional bunker fuel sales in Panama reached 394,655 mt in May — a 13% decline year-on-year and an 18.9% drop from April 2026. According to Ship & Bunker, this marks the lowest monthly total since September 2025.
VLSFO bore the brunt of the decline. At 246,449 mt sold, the grade recorded its weakest figure since September 2025, falling 11% from a year ago and 22.7% from the previous month. HSFO sales also weakened, with 99,660 mt sold in May — down 20.8% year-on-year and 5.1% from April. HSFO’s share of total bunker sales slipped to 25.3%, compared to 27.8% in the same month last year.
LSMGO sales declined 13% year-on-year to 40,964 mt, while MGO bucked the trend with a 115.1% gain to 7,582 mt, as reported by Ship & Bunker.
Fewer Ships Calling
A key factor behind the volume decline was reduced vessel traffic. Ship & Bunker reports that 562 bunker calls were recorded in Panama in May — the lowest monthly figure since June 2024. This compares to 632 calls in May 2025 and 679 in April 2026.
The barge fleet involved in supply operations also contracted slightly, with 30 barges active in May versus 31 in April. The average stem size came in at approximately 702 mt, marginally below the 12-month average of around 707 mt.
Year-to-Date Picture Remains Slightly Positive
Despite the monthly weakness, cumulative sales through the first five months of 2026 reached approximately 2.31 million mt — a modest 0.3% increase compared to the same period in 2025, according to Ship & Bunker.
On pricing, Ship & Bunker data shows the average VLSFO price in Balboa rose to $942/mt in May, up from $929.5/mt in April. The publication’s G20-VLSFO Index, tracking average prices across 20 major bunkering ports, stood at $900/mt in May, compared to $889.5/mt the previous month.
No bio-blended bunker sales have been recorded since November 2025, Ship & Bunker notes.
Does This Matter to You?
The data paints a picture of softening demand at one of the Western Hemisphere’s most significant bunkering hubs. The drop in vessel calls — hitting a two-year low — combined with declining volumes across VLSFO and HSFO signals a potential slowdown in maritime activity through the Panama corridor. Those monitoring fuel procurement costs, supply availability, and routing economics across the Americas will want to track whether May’s figures represent a temporary dip or the beginning of a more sustained trend.
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
