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.
![]() |
NYK trials biofuel in milestone coal carrier test
Vessel is used to test biofuel for domestic utility company. |
|
|
||
![]() |
H-Line Shipping orders LNG bunkering vessel
Vessel with 18,000-cbm capacity to run on both LNG and MDO. |
|
|
||
![]() |
How to engineer and manage green shipping fuels | Stanley George, VPS
Effective management strategies and insights for evolving fuel use. |
|
|
||
![]() |
Swedish government bans scrubber wastewater discharges
Discharges from open-loop scrubbers to be prohibited in Swedish waters from July 2025. |
|
|
||
![]() |
MAN Energy Solutions achieves 100% load milestone for ammonia engine
Latest tests validate fuel injection system throughout the entire load curve. |
|
|
||
![]() |
Petrobras secures ISCC EU RED certification for B24 biofuel blend at Rio Grande
Blend consisting of 24% FAME is said to have been rigorously tested to meet international standards. |
|
|
||
![]() |
Stolt-Nielsen to fully control Avenir LNG with acquisition
Share purchase agreement to buy all shares from Golar LNG and Aequitas. |
|
|
||
![]() |
Bureau Veritas supports launch of CIMC SOE's LNG bunkering vessel
Handover of Seaspan Energy's cutting-edge 7,600-cbm vessel completed. |
|
|
||
![]() |
Methanol as a marine fuel | Steve Bee, VPS
How environmental legislation has driven the development of low-sulphur fuels and methanol-ready ships. |
|
|
||
![]() |
Martin Vorgod elevated to CEO of Global Risk Management
Vorgod, currently CCO at GRM, will officially step in as CEO on December 1, succeeding Peder Møller. |
|
|