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Cargo volume throughput at Panamanian ports rose by 10.9 percent in January 2009 compared to the same month last year, Business News Americas reports.

The most significant increase was recorded on the Atlantic Coast where the port of Cristobal - operated by Panama Ports Company (PPC) - saw cargo volumes skyrocket 108 percent from 12,274 twenty-foot equivalent units (TEUs) in January 2008 to 25,529 TEUs in January 2009.

Manzanillo International Container Terminal also registered a significant rise of 25.3 percent to 137,966 TEUs from 100,119 TEUs in January 2008. However, Colon Container Terminal (CCT) recorded a 25.5 percent decrease to 41,636 TEUs.

Meanwhile, on the Pacific Coast, the port of Balboa - also operated by PPC - saw cargo throughput rise to 158,878 TEUs from 148,425, an increase of seven percent.

Last year, US oil major Chevron has announced that it would be doubling the capacity of its storage capacity in Las Minas, Panama, to 4 million barrels in order to meet growing demand in the region.

The Las Minas facility, which is located near the port city of Colón, is used to store product for the supply of bunker fuel and lubricants to ships transitting the Panama Canal and calling at ports nearby. It also includes a refinery, which is reported to have a refining capacity of approximately 60,000 barrels per day.

Chevron is currently the second largest bunker supplier in Panama with a market share of over 20 percent. US firm Chemoil Energy Ltd is the market leader, reportedly taking approximately 40 percent of bunker sales in the country.

Other leading players in the Panama market include CEPSA Panama S.A. and ExxonMobil Marine Fuels Ltd. Bunker supplier and trader Bominflot was the latest company to enter the market in October 2008.