Panama’s marine fuel market posted a strong month-on-month rebound in March 2026, with total bunker sales reaching 497,900 metric tons (mt) — a 12.1% increase compared to February — according to Ship & Bunker, citing data from the Panama Maritime Authority (AMP). The report also suggests the market may be receiving a partial tailwind from ongoing regional disruptions in the Middle East.
On a year-on-year basis, however, March volumes came in marginally lower, declining approximately 0.2% compared to the same month in 2025.
Seasonal Context
Ship & Bunker notes that February characteristically underperforms as a bunkering month, owing to its shorter calendar length and the dampening effect of Lunar New Year holiday activity. As a result, the month-on-month gain for March reflects, at least in part, a predictable seasonal correction rather than an entirely demand-driven surge.
Q1 2026 Performance
Looking at the broader quarterly picture, first-quarter 2026 bunker sales in Panama totalled 1.43 million mt — up 2.7% year-on-year and the highest quarterly volume recorded since Q4 2024, according to Ship & Bunker. The report notes that if this quarterly pace were sustained across all four quarters of 2026, Panama’s full-year total would reach approximately 5.72 million mt, which would represent a 7.9% increase over 2025 and the largest annual figure since at least 2018.
Fuel Type Breakdown
Ship & Bunker provides the following breakdown of Panama’s March sales by fuel category, sourced from AMP data:
- VLSFO: 320,418 mt — up 4.5% year-on-year
- HSFO: 120,284 mt — down 11.9% year-on-year
- Distillates: 57,198 mt — up 3.1% year-on-year
- Biofuels: No sales recorded
The average stem size in March was approximately 715 mt, modestly above the 12-month rolling average of around 711 mt.
Pricing Snapshot
On the pricing side, Ship & Bunker reports that the average VLSFO price in Balboa stood at $894.50/mt in March, up from $524.50/mt in February and $532.50/mt in March 2025. For broader context, Singapore’s average VLSFO price in March was $920/mt, compared to $569/mt the prior month and $517.50/mt a year earlier. Ship & Bunker’s G20-VLSFO Index — which tracks average prices across 20 leading bunkering ports — registered $911.50/mt in March, rising from $518.50/mt in February and $555.50/mt in March 2025.
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
