Tight avails hit the Panama bunker market late last week as vessel congestion in the canal surged, Bunkerworld has learned.
The problem was particularly acute coming into this week on the Balboa, Pacific side of the canal with resupply delayed and at least one major supplier out of product.
Some estimates put resupply as late as next week.
Sources told Bunkerworld that there were over 100 ships waiting to transit the canal from Cristobal to Balboa, and that this was creating significant delays.
Bunker prices have been seen firmer in Panama recently, but it was not clear today the exact local demand and supply impact amidst generally bullish bunker and oil markets in the region.
The price jump of key grade IFO380 was today, however, a significant $10 to $513.50 per metric tonne (pmt), according to Bunkerworld price information.
In comparison with Houston, there was a wide disparity in prices between the two ports in early February. This gap narrowed throughout the month to less than $20 pmt but was today seen wider with Panama's jump in prices.
The problem was particularly acute coming into this week on the Balboa, Pacific side of the canal with resupply delayed and at least one major supplier out of product.
Some estimates put resupply as late as next week.
Sources told Bunkerworld that there were over 100 ships waiting to transit the canal from Cristobal to Balboa, and that this was creating significant delays.
Bunker prices have been seen firmer in Panama recently, but it was not clear today the exact local demand and supply impact amidst generally bullish bunker and oil markets in the region.
The price jump of key grade IFO380 was today, however, a significant $10 to $513.50 per metric tonne (pmt), according to Bunkerworld price information.
In comparison with Houston, there was a wide disparity in prices between the two ports in early February. This gap narrowed throughout the month to less than $20 pmt but was today seen wider with Panama's jump in prices.
