![]() |
Maersk reports that bunker costs increased year-on-year (YoY) by $408m in the second quarter (Q2) of 2024.
Fuel expenses in Q2 amounted to $1.85bn — a rise of 28.3% on the $1.44bn posted for the corresponding period in 2023.
Excluding the EU Emissions Trading System (ETS) effect of $28m, Maersk noted that bunker costs had risen by 26%. This was said to be partly due to a YoY growth in fuel consumption of 430,000 tonnes, or 17.7%, to 2.862m tonnes as a result of ship reroutings via the Cape of Good Hope. The second reason being the $44 — or 7.4% — uptick in the average bunker price to $636 per tonne, compared to the previous year's figure of $592.
Q2 bunker consumption for Maersk, 2020-2024
Bunker consumption in '000 tonnes.
| Year | Bunker consumption ('000 tonnes) |
|---|---|
| 2020 | 2333 |
| 2021 | 2725 |
| 2022 | 2651 |
| 2023 | 2432 |
| 2024 | 2862 |
Q2 average bunker price for Maersk, 2020-2024
Average bunker price in $ per tonne.
| Year | Bunker price ($/mt) |
|---|---|
| 2020 | 328 |
| 2021 | 475 |
| 2022 | 827 |
| 2023 | 592 |
| 2024 | 636 |
In its financial results, the Ocean division's operating earnings (EBITDA) declined YoY by $852m, or 37.7%, to $1.407bn, and profit before financial items (EBIT) fell $735m, or 61.0%, to $470m.
As regards overall group performance, Maersk posted a net underlying profit of $623m — a decrease of $723m, or 53.7%.
In its guidance for the rest of 2024, Maersk said a $100 change in the price of bunker fuel would lead to the group's EBIT varying by $0.2bn.
|
Maersk takes delivery of first methanol-capable vessel in 9,000-teu series
Tangier Maersk is the first of six mid-size container ships with methanol-capable dual-fuel engines. |
|
|
|
||
|
IBIA to run surveyor training course for mass flow meter-equipped bunkering in Rotterdam
One-day course scheduled for 19 February aims to prepare professionals for MFM-equipped bunkering operations. |
|
|
|
||
|
MOL secures two 12,000-cbm CO2 carriers for Northern Lights expansion
Japanese shipowner to deliver vessels in 2028 for cross-border carbon transport and storage project. |
|
|
|
||
|
MOL and ONGC sign 15-year charter deal for two ethane carriers
Japanese shipowner expands fleet to 16 vessels with newbuildings scheduled for delivery in 2028. |
|
|
|
||
|
Dual-fuel container ship and vehicle carrier fleet reaches 400 vessels
World Shipping Council reports 83% increase in operational dual-fuel vessels during 2025. |
|
|
|
||
|
Lloyd’s Register publishes first guidance notes for onboard hydrogen generation systems
Classification society addresses regulatory gap as shipowners explore producing hydrogen from alternative fuels onboard. |
|
|
|
||
|
Rotterdam bunker industry faces upheaval as new regulations drive up costs and shift volumes
Red III compliance costs and a mass flow meter mandate are creating operational challenges across the ARA region. |
|
|
|
||
|
VPS appoints Neil Chapman as managing director for the Americas
Maritime services company names industry veteran to lead regional operations and client partnerships. |
|
|
|
||
|
Maritime industry shifts towards LNG as alternative fuel enthusiasm stalls
Geopolitical concerns drive shipping leaders to prioritise established fuels over newer alternatives, survey finds. |
|
|
|
||
|
OceanScore reaches $5m annual recurring revenue as emissions compliance demand grows
Hamburg-based firm supports compliance workflows for more than 2,500 vessels as regulations enter operational phases. |
|
|
|
||
| Maersk signs green methanol deal with China's Goldwind [News & Insights] |
| Maersk posts $930m drop in Q3 fuel costs [News & Insights] |
| Maersk procures fuel for world's first methanol-enabled boxship [News & Insights] |