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Mon 14 Feb 2022, 11:54 GMT

Maersk spent $1.5bn more on bunkers in 2021


Average fuel price jumped 30.1% to $484 per tonne.

Image credit: Maersk
A.P. Moller - Maersk reports that its Ocean segment spent $1.534bn more on bunker fuel in 2021 compared to the previous year.

The boxship operator's total annual spend on marine fuels rose by 40 percent to $5.369bn last year, up from $3.835bn in 2020.

The average bunker price paid by Ocean in 2021 was $484 per tonne - a rise of $112, or 30.1 percent, on the $372-per-tonne figure recorded in 2020.

In terms of bunker consumption, Ocean purchased 11.09m metric tonnes of marine fuel last year, representing a year-on-year (YoY) increase of 768,000 tonnes, or 7.4 percent.

Maersk: Bunker costs, 2017-2021

Year $bn +/-($bn) +/-(%)
2021 5.369 +1.534 +40.0
2020 3.835 -0.731 -16.0
2019 4.566 -0.476 -9.4
2018 5.042 +1.670 +49.5
2017 3.372 +1.349 +66.7

Maersk: Average bunker price, 2017-2021

Year Price($/mt) +/-($) +/-(%)
2021 484 +112 +30.1
2020 372 -40 -9.7
2019 412 -12 -2.8
2018 424 +103 +32.1
2017 321 +98 +43.9

Maersk: Bunker consumption, 2017-2021

Year MMT +/- MMT +/-(%)
2021 11.090 +0.768 +7.4
2020 10.322 -0.770 -6.9
2019 11.092 -0.802 -6.7
2018 11.894 +1.499 +14.4
2017 10.395

Key financial results for 2021

In its financial results for the year, Ocean reported operating earnings (EBITDA) of $21.432bn, which was a YoY improvement of $14.887bn.

Revenue during the 12-month period rose by $19.057bn, or 65.3 percent, to $48.232bn.

As regards overall group performance, A.P. Moller - Maersk posted a net underlying profit of $18.17bn - a rise of $15.21bn on the previous year's result.

Guidance for 2022

In its guidance for 2022, Maersk said a $100 change in the price of bunker fuel would lead to the group's EBIT varying by $0.5bn.

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