Cruise operator Carnival Corporation reports that it recorded a $200m fall in bunker costs, year-on-year (YoY), during the company's third fiscal quarter (Q3), which runs between June 1 and August 31.
Bunker fuel expenses in Q3 amounted to $468m (down $200m, or 29.9%, YoY), having been $668m during the corresponding period the previous year.
Carnival said $238 million of this decrease was mainly due to lower fuel prices and changes in the fuel mix in 2023 compared to 2022.
Bunker consumption was steady YoY at 700,000 tonnes, whilst the US firm's fuel cost per metric tonne consumed was $636 over the period, compared with $958 per tonne in Q3 2022 — representing a decrease of $322, or 33.6%.
Carnival: Q3 Bunker Expenses ($m), 2019-23| Year | Q3 | +/- ($m) | +/- (%) |
|---|---|---|---|
| 2023 | 468 | -200 | -29.9 |
| 2022 | 668 | 486 | 267.0 |
| 2021 | 182 | 61 | 50.4 |
| 2020 | 121 | -280 | -69.8 |
| 2019 | 401 | -33 | -7.6 |
| Year | 9M | +/- ($m) | +/- (%) |
|---|---|---|---|
| 2023 | 1492 | -85 | -5.4 |
| 2022 | 1577 | 1179 | 296.2 |
| 2021 | 398 | -320 | -44.6 |
| 2020 | 718 | -486 | -40.4 |
| 2019 | 1204 | 38 | 3.3 |
| Year | Q3 | +/- ('000 mt) | +/- (%) |
|---|---|---|---|
| 2023 | 700 | -1 | -0.1 |
| 2022 | 701 | 357 | 103.8 |
| 2021 | 344 | 19 | 5.8 |
| 2020 | 325 | -497 | -60.5 |
| 2019 | 822 | 4 | 0.5 |
| Year | 9M | +/- ('000 mt) | +/- (%) |
|---|---|---|---|
| 2023 | 2200 | 301 | 15.9 |
| 2022 | 1899 | 1047 | 122.9 |
| 2021 | 852 | -787 | -48.0 |
| 2020 | 1639 | -848 | -34.1 |
| 2019 | 2487 | 29 | 1.2 |
| Year | Q3 | +/- ($) | +/- (%) |
|---|---|---|---|
| 2023 | 636 | -322 | -33.6 |
| 2022 | 958 | 421 | 78.4 |
| 2021 | 537 | 166 | 44.7 |
| 2020 | 371 | -116 | -23.8 |
| 2019 | 487 | -44 | -8.3 |
| Year | 9M | +/- ($) | +/- (%) |
|---|---|---|---|
| 2023 | 681 | -155 | -18.5 |
| 2022 | 836 | 364 | 77.1 |
| 2021 | 472 | 34 | 7.8 |
| 2020 | 438 | -46 | -9.5 |
| 2019 | 484 | 10 | 2.1 |
Key financial results
In its overall financial results, Carnival posted a net profit of $1,074m, compared with the previous year's Q3 loss of $770m.
Q3 revenue amounted to $6,854m, which was $2,549m, or 59.2%, higher than the $4,305m achieved during the corresponding period in 2022.
Operating costs were also up — rising $645m, or 14.1%, to $5,230m, and resulting in an operating income of $1,624m.
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