Maersk bunker costs jump 50% in 2022

A.P. Moller - Maersk reports that its Ocean segment spent $2.708bn more on bunker fuel in 2022 compared to the previous year.

Bunker costs: The boxship operator's total annual spend on marine fuels grew by 50.4 percent to $8.077bn last year, up from $5.369bn in 2021.
Average price: The average bunker price paid by Ocean in 2022 was $763 per tonne - a rise of $279, or 57.6 percent, on the $484-per-tonne figure recorded in 2021.
Consumption: As regards bunker consumption, Ocean purchased 10.579m metric tonnes of marine fuel last year, representing a year-on-year (YoY) decrease of 511,000 tonnes, or 4.6 percent.

Maersk: Bunker costs, 2018-2022

Year	$bn	+/-($bn)	+/-(%)
2022	8.077	+2.708	+50.4
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

Maersk: Average bunker price, 2018-2022

Year	Price($/mt)	+/-($)	+/-(%)
2022	763	+279	+57.6
2021	484	+112	+30.1
2020	372	-40	-9.7
2019	412	-12	-2.8
2018	424	+103	+32.1

Maersk: Bunker consumption, 2018-2022

Year	MMT	+/- MMT	+/-(%)
2022	10.579	-0.511	-4.6
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

Ocean results: In its financial results, Ocean's profitability reached historically high levels in 2022 as operating earnings (EBITDA) reached $33.77bn — a YoY improvement of $12.338bn — and profit before financial items (EBIT) of $29.149bn was up $11.186bn on the previous period.

Ocean revenue climbed $16.067bn, or 33.3 percent, to $64.299bn, supported by a significant increase in freight rates of 39 percent.

Group performance: As regards overall group results, A.P. Moller - Maersk posted a net underlying profit of $29.703bn — an increase of $11.533bn on the previous year's result.

Analysis, 2023: In its guidance for 2023, Maersk said a $100 change in the price of bunker fuel would lead to the group's EBIT varying by $0.4bn.

The shipper added that it expected bunker consumption to be lower this year compared to 2022 due to fleet outsourcing and efficiency improvements.

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Maersk bunker costs jump 50% in 2022

Average fuel price climbed $279 to $763 per tonne.

Fuels & Propulsion

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