Maersk's Q3 bunker expenses fell as it recorded a 33.7% year-on-year decline in the average bunker price and a 7.5% drop in consumption. Pictured: An aerial view of a Maersk vessel. Image credit: Maersk

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Maersk reports that bunker costs decreased year-on-year (YoY) by $930m in the third quarter (Q3) of 2023.

Fuel expenses in Q3 amounted to $1.47bn — a decline of 38.8% on the $2.4bn posted for the corresponding period in 2022.

Consumption of marine fuel declined YoY by 201,000 tonnes, or 7.5%, to 2.481m tonnes, whilst the average bunker price fell $302, or 33.7%, to $593 per tonne.

For the first nine months (9M) of 2023, bunker costs amounting to $4.417bn were $1.826bn, or 29.2%, lower than in the prior-year period.

Fuel consumption in 9M was 7.325m tonnes, representing a YoY reduction of 707,000 tonnes, or 8.8%. During this period, the average bunker price shrank $174, or 22.4%, to $603 per tonne.

Maersk: Q3 Bunker Expenses ($m), 2019-23

Year	Q3	+/- ($m)	+/- (%)
2023	1470.0	-930.0	-38.8
2022	2400.0	982.0	69.3
2021	1418.0	659.0	86.8
2020	759.0	-359.0	-32.1
2019	1118.0	-200.0	-15.2

Maersk: Q3 Bunker Consumption ('000 mt), 2019-23

Year	Q3	+/- (000 mt)	+/- (%)
2023	2481.0	-201.0	-7.5
2022	2682.0	-134.0	-4.8
2021	2816.0	195.0	7.4
2020	2621.0	-182.0	-6.5
2019	2803.0	-112.0	-3.8

Maersk: Q3 Average Bunker Price Per Tonne ($), 2019-23

Year	Q3	+/- ($)	+/- (%)
2023	593.0	-302.0	-33.7
2022	895.0	391.0	77.6
2021	504.0	214.0	73.8
2020	290.0	-109.0	-27.3
2019	399.0	-53.0	-11.7

Maersk: 9M Bunker Expenses ($m), 2019-23

Year	9M	+/- ($m)	+/- (%)
2023	4417.0	-1826.0	-29.2
2022	6243.0	2437.0	64.0
2021	3806.0	886.0	30.3
2020	2920.0	-550.0	-15.9
2019	3470.0	-247.0	-6.6

Maersk: 9M Bunker Consumption ('000 mt), 2019-23

Year	9M	+/- (000 mt)	+/- (%)
2023	7325.0	-707.0	-8.8
2022	8032.0	-253.0	-3.1
2021	8285.0	797.0	10.6
2020	7488.0	-831.0	-10.0
2019	8319.0	-727.0	-8.0

Maersk: 9M Average Bunker Price Per Tonne ($), 2019-23

Year	9M	+/- ($)	+/- (%)
2023	603.0	-174.0	-22.4
2022	777.0	318.0	69.3
2021	459.0	69.0	17.7
2020	390.0	-27.0	-6.5
2019	417.0	6.0	1.5