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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

Carnival: 9-Month Bunker Expenses ($m), 2019-23

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

Carnival: Q3 Bunker Consumption ('000 mt), 2019-23

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

Carnival: 9-Month Bunker Consumption ('000 mt), 2019-23

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

Carnival: Q3 Bunker Cost Per Tonne Consumed ($), 2019-23

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

Carnival: 9-Month Bunker Cost Per Tonne Consumed ($), 2019-23

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.