Tue 7 Nov 2023 19:24

Maersk posts $930m drop in Q3 fuel costs


Average bunker price fell $302 whilst consumption was 7.5% lower.



A Maersk vessel, pictured from above.

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: Maersk

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

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Article by Steve Bee, VPS Group Commercial Director; Dr Malcolm Cooper, VPS CEO; and Stanley George, VPS Group Science & Technical Manager.


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