Thu 9 Feb 2023 14:38

Maersk bunker costs jump 50% in 2022

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

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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