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Maersk spent $1.5bn more on bunkers in 2021

Average fuel price jumped 30.1% to $484 per tonne.

Image credit: Maersk

Updated on 14 Feb 2022 11:54 GMT

A.P. Moller - Maersk reports that its Ocean segment spent $1.534bn more on bunker fuel in 2021 compared to the previous year. The boxship operator's total annual spend on marine fuels rose by 40 percent to $5.369bn last year, up from $3.835bn in 2020. The average bunker price paid by Ocean in 2021 was $484 per tonne - a rise of $112, or 30.1 percent, on the $372-per-tonne figure recorded in 2020. In terms of bunker consumption, Ocean purchased 11.09m metric tonnes of marine fuel last year, representing a year-on-year (YoY) increase of 768,000 tonnes, or 7.4 percent. Maersk: Bunker costs, 2017-2021 Year $bn +/-($bn) +/-(%) 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 2017 3.372 +1.349 +66.7 Maersk: Average bunker price, 2017-2021 Year Price($/mt) +/-($) +/-(%) 2021 484 +112 +30.1 2020 372 -40 -9.7 2019 412 -12 -2.8 2018 424 +103 +32.1 2017 321 +98 +43.9 Maersk: Bunker consumption, 2017-2021 Year MMT +/- MMT +/-(%) 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 2017 10.395 Key financial results for 2021 In its financial results for the year, Ocean reported operating earnings (EBITDA) of $21.432bn, which was a YoY improvement of $14.887bn. Revenue during the 12-month period rose by $19.057bn, or 65.3 percent, to $48.232bn. As regards overall group performance, A.P. Moller - Maersk posted a net underlying profit of $18.17bn - a rise of $15.21bn on the previous year's result. Guidance for 2022 In its guidance for 2022, Maersk said a $100 change in the price of bunker fuel would lead to the group's EBIT varying by $0.5bn.

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