Image credit: Maersk

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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.