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.
