Panama supply tight amid concern over Cristobal terminal disruption
Supply remained tight in Panama, Thursday amid concerns over potential disruption to the Cristobal terminal, according to sources quoted by Platts.
Ship & Bunker data showns the price indication for IFO380 in Cristobal and Balboa gained $8.00 per metric tonne (pmt) yesterday to $644.50 pmt and were two of only a small number of ports that saw a price gain, with a Platts source saying they had heard deals done at $645.00 pmt.
"Two suppliers told me no avails, two others claimed that shortages were getting more extreme," one trader said.
"The tight availabilities may be the result of the ongoing strike in Colon, where the Cristobal terminals are located, interrupting harbor operations," another trader was quoted as saying.
Rioting in Panama which began after the nation's legislature agreed to a measure allowing privatisation of lands in the Colon Free Zone on the Panama Canal has interrupted the flow of cargo at the Manzanillo International Terminal.
"We heard public terminals will be closed and this is delaying everything," another bunker trader said. "It's been going on two or three days ... if terminals are really closed nobody can work cargo nor load bunkers."
