EMEA News
Hapag-Lloyd Bunker Use Rose 19% in 2024 on Red Sea Diversions
German container line Hapag-Lloyd's fleet bunkered about 4.7 million mt of bunker fuel in 2024, up 18.9% from 4 million mt in 2023.
This increase in bunker fuel consumption was largely due to Red Sea diversions, which forced its vessels to take a longer route around Africa, leading to higher fuel usage, Hapag-Lloyd said in its latest annual report.
The company consumed 0.38 mt of bunker fuel per TEU in 2024, up from 0.33 mt/TEU the previous year. 2024's consumption per TEU was down by 37% compared to the firm's reference year of 2009.
Hapag-Lloyd's bunker and emissions expenses increased by €395.4 million in 2024, rising from €2.25 billion in the prior year to €2.65 billion. The firm spent a total of €84.4 million on EUA procurement for compliance with the EU-ETS.
The company's average bunker price in 2024 was $588/mt, down $26/mt from $614/mt in 2023.
However, increased bunker consumption—mainly due to rerouting vessels around the Cape of Good Hope—led to higher overall bunker expenses.
Hapag-Lloyd projects its bunker fuel consumption in 2025 to remain at 2024 levels.
The company bunkered about 195,000 mt of biofuel blends in 2024, down from 213,000 mt in 2023 but up from 125,000 mt in 2022.
Hapag-Lloyd posted an EBIT profit of €2.51 billion for the year.
