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), 2019-23Year | 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.
Methanol as a marine fuel | Steve Bee, VPS
How environmental legislation has driven the development of low-sulphur fuels and methanol-ready ships. |
||
|
||
Martin Vorgod elevated to CEO of Global Risk Management
Vorgod, currently CCO at GRM, will officially step in as CEO on December 1, succeeding Peder Møller. |
||
|
||
Dorthe Bendtsen named interim CEO of KPI OceanConnect
Officer with background in operations and governance to steer firm through transition as it searches for permanent leadership. |
||
|
||
Bunker Holding revamps commercial department and management team
CCO departs; commercial activities divided into sales and operations. |
||
|
||
Peninsula extends UAE coverage into Abu Dhabi and Jebel Ali
Supplier to provide 'full range of products' after securing bunker licences. |
||
|
||
Peninsula to receive first of four tankers in Q2 2025
Methanol-ready vessels form part of bunker supplier's fleet renewal programme. |
||
|
||
Stephen Robinson heads up bunker desk at Tankers International
Former Bomin and Cockett MD appointed Head of Bunker Strategy and Procurement. |
||
|
||
Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS
Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards. |
||
|
||
GDE Marine targets Suape LSMGO by year-end
Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries. |
||
|
||
Peninsula CEO seals deal to build LNG bunker vessel
Agreement signed through shipping company Hercules Tanker Management. |
||
|