Tue 3 Oct 2023 11:47

Carnival records $200m fall in bunker costs


Fuel cost per metric tonne down 33.6%; consumption steady.



The Carnival Valor docked at Nassau, Bahamas.


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.


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