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A.P. Moller - Maersk reports that its Ocean segment spent $1.7bn more on bunker fuel in 2018 compared to the previous year.

The boxship giant's total annual spend on marine fuels climbed 50.9 percent to $5.042bn last year, up from $3.341bn in 2017.

The average bunker price paid by Ocean in 2018 was $424 per tonne - a rise of $103, or 32.1 percent, on the $321-per-tonne figure recorded in 2017. It is the highest annual average price since 2014.

In terms of bunker consumption, Ocean purchased 11.894m tonnes of marine fuel last year, representing a year-on-year (YoY) increase of 1.499m tonnes, or 14.4 percent.

Quarterly breakdown

	Q1	Q2	Q3	Q4
Consumption (MMT)	3.129	3.002	2.915	2.848
Cost ($bn)	1.194	1.205	1.318	1.325
Avg Price ($/mt)	382	401	452	465

Maersk: Average fuel prices since 2012

Year	Price($/mt)	+/-($)	+/-(%)
2018	424	+103	+32.1
2017	321	+98	+43.9
2016	223	-92	-29.2
2015	315	-247	-44.0
2014	562	-33	-5.5
2013	595	-66	-10.0
2012	661	--	--

Key financial results for 2018

In its financial results for the year, Ocean reported a profit before interest, tax, depreciation, amortization and impairment losses (EBITDA) of $3.007bn, which was a YoY improvement of $230m, or 8.3 percent.

Revenue during the 12-month period rose by 6.343bn, or 28.8 percent, to $28.366bn.

A.P. Moller - Maersk Group posted an underlying profit of $220m - a decline of $136m, or 38.2 percent, on the previous year's result.

Guidance for 2019

In its guidance for 2019, Maersk said a $100 change in the price of bunker fuel would lead to the group's EBITDA varying by $0.6bn.