Maersk reports that bunker costs decreased year-on-year (YoY) by $930m in the third quarter (Q3) of 2023.
Fuel expenses in Q3 amounted to $1.47bn — a decline of 38.8% on the $2.4bn posted for the corresponding period in 2022.
Consumption of marine fuel declined YoY by 201,000 tonnes, or 7.5%, to 2.481m tonnes, whilst the average bunker price fell $302, or 33.7%, to $593 per tonne.
For the first nine months (9M) of 2023, bunker costs amounting to $4.417bn were $1.826bn, or 29.2%, lower than in the prior-year period.
Fuel consumption in 9M was 7.325m tonnes, representing a YoY reduction of 707,000 tonnes, or 8.8%. During this period, the average bunker price shrank $174, or 22.4%, to $603 per tonne.
Maersk: Q3 Bunker Expenses ($m), 2019-23
| Year | Q3 | +/- ($m) | +/- (%) |
| 2023 | 1470.0 | -930.0 | -38.8 |
| 2022 | 2400.0 | 982.0 | 69.3 |
| 2021 | 1418.0 | 659.0 | 86.8 |
| 2020 | 759.0 | -359.0 | -32.1 |
| 2019 | 1118.0 | -200.0 | -15.2 |
Maersk: Q3 Bunker Consumption ('000 mt), 2019-23
| Year | Q3 | +/- (000 mt) | +/- (%) |
| 2023 | 2481.0 | -201.0 | -7.5 |
| 2022 | 2682.0 | -134.0 | -4.8 |
| 2021 | 2816.0 | 195.0 | 7.4 |
| 2020 | 2621.0 | -182.0 | -6.5 |
| 2019 | 2803.0 | -112.0 | -3.8 |
Maersk: Q3 Average Bunker Price Per Tonne ($), 2019-23
| Year | Q3 | +/- ($) | +/- (%) |
| 2023 | 593.0 | -302.0 | -33.7 |
| 2022 | 895.0 | 391.0 | 77.6 |
| 2021 | 504.0 | 214.0 | 73.8 |
| 2020 | 290.0 | -109.0 | -27.3 |
| 2019 | 399.0 | -53.0 | -11.7 |
Maersk: 9M Bunker Expenses ($m), 2019-23
| Year | 9M | +/- ($m) | +/- (%) |
| 2023 | 4417.0 | -1826.0 | -29.2 |
| 2022 | 6243.0 | 2437.0 | 64.0 |
| 2021 | 3806.0 | 886.0 | 30.3 |
| 2020 | 2920.0 | -550.0 | -15.9 |
| 2019 | 3470.0 | -247.0 | -6.6 |
Maersk: 9M Bunker Consumption ('000 mt), 2019-23
| Year | 9M | +/- (000 mt) | +/- (%) |
| 2023 | 7325.0 | -707.0 | -8.8 |
| 2022 | 8032.0 | -253.0 | -3.1 |
| 2021 | 8285.0 | 797.0 | 10.6 |
| 2020 | 7488.0 | -831.0 | -10.0 |
| 2019 | 8319.0 | -727.0 | -8.0 |
Maersk: 9M Average Bunker Price Per Tonne ($), 2019-23
| Year | 9M | +/- ($) | +/- (%) |
| 2023 | 603.0 | -174.0 | -22.4 |
| 2022 | 777.0 | 318.0 | 69.3 |
| 2021 | 459.0 | 69.0 | 17.7 |
| 2020 | 390.0 | -27.0 | -6.5 |
| 2019 | 417.0 | 6.0 | 1.5 |
