The Chairman of Panama Chamber of Shipping‘s Bunkering Committee has said Panama can regain lost ground to become the world’s third largest bunker market once more, local media outlet The Bulletin Panama reports.

Vukelja Duque said it was feasible for Panama to boost its position, which has waned since the 1970s, back to third place in global bunker sales.

According to Panama Maritime Authorty figures, Panama sold 3.1 million tonnes of bunkers in 2013.

“This volume will expand if Panama can improve its competitiveness,” said Vukelja.

Expansion of the Panama Canal will reduce transit times and should mean service providers improve their offerings, becoming more efficient and offering optimal quality fuel, he continued.

Duque is currently preparing for the 2014 Panama Bunkering Forum which he hopes will bring together shipping agencies and service providers to lobby government authorities, says the report.

“This [Forum’s] action would be to track the results of the 2013 Forum, which concluded on the need for the government to design new schemes to optimize the business potential of bunkering,” he said.