Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama Bunker Sales Hit 2015 High, Jump 42% Year-on-Year
The Panama Canal has long served as a hub for fueling, especially in the market of large container ships. Fuel containers, and containment units are referred to as “bunkers”, and according to recent numbers, Panama’s bunker sales have risen dramatically so far in 2015. In fact, sales across the region’s two costs totaled 2,234,162.32 barrels – about 310,000 metric tonnes (mt).
Of that, 72 percent – 1,607,630.08 barrels or about 223,300 mt – was sold on the Pacific coast, and 28 percent – 626,532.24 barrels, or about 87,000 mt – was sold on the Atlantic coast.
Source: Ship & Bunker
Panama City’s Casco Viejo Cleans Up Nicely
Casco Viejo is known as one Panama City’s most eclectic, and vibrant neighborhoods, and its style has been evolving over time to show that. With so much art, music, and food culture permeating the once-downtrodden neighborhood, it’s only natural that fashion would follow. Here’s a sneak peak into what makes Casco fashion shine, from the New York Times:
The neighborhood, once ridden with gangs and crime, now attracts stylish tourists, many staying at the new Ace hotel, which employs a number of former gang members as part of a rehabilitation of the neighborhood.
“It feels great when you come here because it feels like you are somewhere else, but you are in Panama,” said Pam Hetlinger, recently in the area wearing a Faithfull maxi dress, Michael Kors bag and Valentino shoes. “This is the perfect dress to wear for when you are walking around Casco Viejo because you sort of match the buildings wearing all these colors.”
Source: The New York Times
Panama Gas Prices to Drop Sharply
Great news for those who drive in Panama. According to the country’s Energy department, gas prices will drop dramatically this month, at a rate of 24 cents per gallon for 95 octane, and 19 cents per gallon for 91 octane. Diesel is also predicted to drop by around 8 cents. This will have a big effect on gas sales, and should encourage trickle-down sales to consumers in other areas of business across the country.
The prices will be confirmed by the Energy Secretariat on Wednesday and will remain in effect until August 21. The price cap will govern six hundred gas stations nationwide. A press release from the Ministry says that checks will carried out across the country to ensure that the pricing is applied. Meanwhile, Texas oil prices closed on Monday with a sharp drop of 4.13% to $45.17, its lowest level since March; and Brent crude in other international markets, tumbled 5.24% to $49.47.
Source: Newsroom Panama
Want to Invest in Real Estate? Look No Further Than Panama
International Real Estate investment has been on the radar for a while, particularly in Panama. But as the country grows and expands, now is still a great time for a Real Estate investment as the market has stabilized, avoided a bust, and looks ripe for long-term growth.
When you’re thinking of investing in Real Estate in Panama, you need to find the best fit for your goals, and your budget. Residential Real Estate is the hottest market for foreigners to invest in Panama, and it pretty much runs the gamut as far as location and price. A mid-priced family home can be purchased from $200,000-$300,000, with luxury options running into the millions. This all depends on the year of construction, neighborhood, and size, but when compared to similar properties in the US and Canada, Real Estate in Panama really gives you a better bang for your buck.
Continue reading about investing in Panama real estate
