Silvia de Marucci, Executive Manager Economic Analysis and Market Research with the Panama Canal Authority (ACP), told delegates at Petrospot’s online Global Bunkering Summit (GBS) today that: ‘Little by little, our indicators are showing some signs of recovery’.
Speaking during this afternoon’s Bunkering Hubs session, de Marucci said that the ACP had been looking forward to a ‘very good year’ in 2020, as the IMO 2020 switchover was expected to boost bunker prices and therefore incentivise more ships to use the Canal to cut their transit times. The year did start well – but then the COVID-19 pandemic rather dashed Panama's expectations. The cruise sector, said de Marucci, was the first casualty but all sides of the shipping industry have been affected to some degree and the Panama Canal has seen a significant drop in traffic and bunker volumes.
April bunker volumes were down from last year, said de Marucci, and sales continued to drop in May and June.
Indeed – as previously reported by Bunkerspot – official statistics from the Panama Maritime Authority (AMP) indicated that the 302,330 mt of bunker fuel sold in June was down around 37% down year-on-year. Bunker sales in July did pick up to 337,035 metric tonnes (mt) – and while this was still down from the 484,144 mt supplied in July 2019, at least the year-on-year drop had narrowed to 30%.
‘’Bunker sales are looking a bit better,’ said de Marucci, ‘and hopefully this is going to be the trend from now on.’
AMERICAS: Panama’s July bunker volumes fall 30% year-on-year
