As demand plummets because of the coronavirus, three sources said the trading arm of Pemex is mulling options to slash the number of fuel cargoes Mexico imports in May and June. After a bottleneck of more than 60 vessels built up outside Mexican ports, waiting to discharge, Pemex last week declared force majeure over fuel supplies from its trading arm PMI Comercio Internacional.
However, force majeure has not been declared by PMI Comercio Internacional over its own fuel purchases. About postponing or cancelling cargoes originally planned for May and June delivery, the company is talking to some suppliers because not all the contracts signed by PMI Comercio Internacional permit declaring force majeure in the case of declines in demand.
In order to trim demurrage fees on vessels that arrived in Mexican ports and are discharging fuel slowly in recent weeks, tanker owners are in talks with PMI Comercio Internacional. Mexico typically relies on gasoline and diesel imports to cover most of its national demand. So far this year, the imports constitute slightly more than 70 percent of Mexican motorists’ consumption.
