World News
Hapag-Lloyd Bunker Consumption Gains 12.6% on Year on Red Sea Diversions
Container line Hapag-Lloyd saw its bunker consumption jump in the first quarter with ships taking longer voyages around the Cape of Good Hope to avoid the Red Sea.
The company consumed a total of 1.2 million mt of fuel in the first three months of 2024, up by 12.6% from the same period a year earlier, it said in an earnings release on Wednesday.
"The increase in bunker consumption is due in particular to the tense security situation in the Red Sea and the resulting need to divert ships around the Cape of Good Hope," the company said.
VLSFO, ULSFO, MGO and LNG took up 76% of the firm's consumption, down from 83% a year earlier, 'due to the fitting of more vessels with scrubbers', the company said.
Hapag-Lloyd paid an average of $597/mt for its fuel in Q1, down from $645/mt a year earlier.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 8.50 | 750.50 | 0.50 |
| Rotterdam | 572.00 | 9.50 | 763.00 | 8.00 |
| Houston | 615.50 | 17.50 | 773.50 | 7.50 |
| Fujairah | 624.50 | 10.50 | 851.50 | 9.00 |
| Global 20 Ports Average | 627.50 | 1.00 | 844.00 | 26.50 |
| Global 4 Ports Average | 597.50 | 2.50 | 784.50 | 2.50 |
| Global Average Bunker Price | 665.50 | 6.50 | 898.50 | 22.00 |
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