Panama recorded a solid year-on-year increase in bunker sales during April, with preliminary data from the Panama Maritime Authority (AMP) pointing to continued momentum in the region’s marine fuel market, according to Ship & Bunker.
A total of 486,461 metric tons of conventional bunker fuel was sold in April — up 6% compared to the same month in 2025. However, sales were down 2.3% from March, which had marked a multi-month high.
VLSFO Drives Volume Growth
Very low sulfur fuel oil continued to dominate Panama’s bunker mix. According to Ship & Bunker, 318,940 mt of VLSFO was sold in April — a 16.6% increase year-on-year, though marginally lower than March volumes by 0.5%.
In contrast, high sulfur fuel oil saw a notable decline. HSFO sales fell to their lowest level since January 2026, with 104,990 mt sold — down 21.3% compared to April 2025 and 12.7% lower than March. The fuel’s share of total bunker sales dropped to 21.6% in April, compared to 29% a year earlier, as reported by Ship & Bunker.
Low sulfur marine gasoil also posted strong growth, with LSMGO sales up 9.3% year-on-year. MGO volumes jumped significantly, rising 147.8% compared to the prior year period, according to the same report.
Port Activity and Stem Sizes
Bunker calls in Panama rose 8.3% year-on-year, with 679 recorded in April compared to 627 in April 2025, though slightly below the 696 calls logged in March. The number of barges supplying fuel stood at 31, compared to 30 in the same month last year.
Ship & Bunker notes that the average stem size in Panama reached approximately 716 mt in April, slightly above the 12-month rolling average of around 708 mt.
No bio-blended bunker sales have been recorded since November 2025, the report adds.
Year-to-Date Picture
Cumulative bunker sales in Panama for the first four months of 2026 totaled 1.92 million mt — up 3.8% from 1.85 million mt sold during the same period in 2025, according to Ship & Bunker.
On pricing, the average VLSFO price in Balboa was $929.5 per metric ton in April, compared to $498.5/mt in April 2025. Ship & Bunker’s G20-VLSFO Index — tracking average prices across 20 major bunkering ports — stood at $889.5/mt in April, up from $531/mt a year earlier.
Does This Matter to You?
For vessel operators, charterers, and bunker traders active in the Americas, Panama’s April figures offer a useful benchmark for regional demand trends. The continued shift away from HSFO toward VLSFO reflects the ongoing impact of the IMO 2020 sulfur regulations on fuel consumption patterns at a major bunkering hub. The year-on-year increase in bunker calls also suggests growing port activity, which may be relevant for those monitoring fleet movements and bunkering logistics through the Panama Canal corridor. The sharp rise in VLSFO pricing year-on-year — nearly double the April 2025 level — is also a material consideration for fuel cost planning.
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
