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Cruise operator Carnival Corporation & plc has reported a decrease in bunker fuel costs during the three months ended August 31 2012 in comparison with the corresponding period in 2011.

Fuel costs between June and August fell by US$40 million, or 6.9 percent, to $541 million, down from $581 million during the same period last year.

Fuel consumption during the same three-month period decreased by 24,000 tonnes, or 2.8 percent, to 823,000 tonnes, down from 847,000 tonnes in 2011.

Fuel costs per metric tonne consumed between June and August were $27, or 3.9 percent, lower at $659 per tonne, down from $686 per tonne last year.

For the nine months ended August 31, bunker costs were $167 million, or 10.4 percent, higher at $1,778 million, up from $1,611 million during the nine months ended August 31 2011.

Fuel consumption between January and August fell by 25,000 tonnes, or 1 percent, to 2,512,000 tonnes, down from 2,537,000 tonnes during the corresponding period last year.

Fuel costs per metric tonne consumed in the first nine months were $73, or 11.5 percent, higher at $708 per tonne, up from $635 per tonne last year.

Commenting on the cruise firm's costs, Carnival Corporation Chairman and CEO Micky Arison said: "Our brand managements’ continued focus on cost containment contributed to a three percent reduction in cruise costs (constant dollars excluding fuel) as well as a six percent reduction in fuel consumption on a unit basis.”

"Fuel prices decreased almost 4 percent to $659 per metric ton for 3Q 2012 from $686 per metric ton in 3Q 2011. However, fuel prices were higher than June guidance costing an additional $18 million, net of realized losses on fuel derivatives," Carnival commented.

In its forecast, Carnival said its expects fuel consumption to reach 3,366,000 tonnes for the full year 2012 and 854,000 tonnes for the fourth quarter of 2012.

The average fuel price per metric tonne is forecast at $716 per tonne for the full year and $739 per tonne for the fourth quarter.

Third Quarter Results

Non-GAAP net income for the third quarter of 2012 was $1.2 billion, or $1.53 diluted earnings per share. Reported U.S. GAAP net income, which includes unrealized gains on fuel derivatives of $136 million, was $1.3 billion, or $1.71 diluted earnings per share. Net income for the third quarter of 2011 was $1.3 billion, or $1.69 diluted earnings per share.

Revenues for the third quarter of 2012 were $4.7 billion compared to $5.1 billion for the previous year.

Commenting on the third quarter results, Arison said, “The significant efforts of our brand management teams were successful in partially mitigating the decline in cruise ticket prices. Onboard revenue yields (constant dollars excluding Costa) improved three percent during the quarter. Our brand managements’ continued focus on cost containment contributed to a three percent reduction in cruise costs (constant dollars excluding fuel) as well as a six percent reduction in fuel consumption on a unit basis.”