SHIPPING SERVICES
canal per year has transformed the bunker cluster into a very active participant of the maritime sector. The Panama Canal expansion has attracted a series of new companies gearing up for future transits of vessels of up to 100,000dwt, and in the next five years the sector plans to build storage tanks for around 5m bbl. The market is growing at a previously unseen pace and is attracting foreign international investors committed to open representation in Panama. Although bunker sales jumped to 3.9m
tonnes of bunker fuel and to some 4,767 vessels serviced in 2008 (the best year ever so far), sales grew by 18% during the first half of 2011 as compared to 2010. However, these figures might be slightly off target as some new vessels were not taken into account in 2010. Following the opening of the market in 2003, competition has become the rule of the game. The Panama bunker market comprises eight companies that operate 28 vessels and 20 terminals, and competition is fierce amongst marine diesel suppliers. A few firms engage in spot deliveries, says Digeronimo. Bunker storage capacity is 7.2m bbl, but investments in the existing terminals and those being built should push it up to 10.6m bbl by 2012. New investments have been concentrated on building new facilities: Decal is constructing an additional storage capacity of 1.1m bbl at its facility in Taboguilla, while Oiltanking has purchased will boost capacity at its purchased facilities of 300,000bbl by a further 450,000bbl in 2012. Melones Oil Terminal is building a tank farm and terminal with 2.1m bbl capacity. Aegean Marine Petroleum has been granted a concession for the APSA tank farm and should invest some $7m in the next years to upgrade the 50-year old facilities. Tesoro Corporation executed a
throughput agreement on December 16, 2008, for the transportation of crude oil in the Petroterminal de Panama (PTP) owned pipeline. PTP is planning to reverse the flow of its trans-Panamanian pipeline and this project is scheduled for start-up during 2012. Tesoro then plans to ship 107,000bpd of crude through the pipeline under a seven-year agreement. The agreement will allow Tesoro to deliver crude oil produced in Africa, the Atlantic region of South America and the North Sea to the company's five Pacific Rim waterborne refineries at an economical rate. In addition, PTP has agreed to build new, dedicated tanks for Tesoro on both sides of the Isthmus of Panama. The market is dominated by major companies whose market share is around 30m-40m bbl, with over $2bn in sales per year depending on international prices.
PANAMA MARITIME REVIEW 2011/12 59
Chevron-Texaco, which owned the only refinery in Panama until end-2002, still operates a tax-free fuel zone like the other seven free zones existing in the country. Exxon Mobile, which co- operated the Alireza Mobile jv (AMSTA) tank farm and former Rodman Naval base bunkering supply, has kept a local presence through PetroAmerica (PATSA) that bought AMSTA in 2003. Shell Marine Products, that sold only marine gas oils until April 2003, has entered the bunkers market along with Singapore- listed Chemoil Energy Limited, and Canada-based Triton. The market, estimated at over 3.5m-4m metric tonnes, has a number of companies already operating in the sector: Texaco and Chevron under the Fuel and Marine Marketing (FAMM) jv, in addition to CEPSA, Rio Energy Petroleum and
Transport Services amongst others. The inauguration at end-2002 of Italian- owned DECAL’s fuel storage terminal at Taboguilla Island, on the Pacific entrance of the Canal, has doubled the supply of bunkers and helped bring price competition. The facility includes a T- shaped pier able to dock 70,0000dwt ships on a 24-hour basis and has a capacity for 154,000cu mtr in 12 tanks. Decal is expanding its facilities and will be doubling its tank farm capacity. Pemex International, owned by the
Mexican government, entered the Panamanian market in 2007 by forging an alliance with local storage. The company stores 1.32m barrels of fuel oil at APSA (now Aegean) PATSA facilities on both sides of the Panama Canal, from which it will provide marine fuel to major distributors in the region such as BP,
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