Maersk is making significant savings on its fuel bill. Image Credit: File Image / Pixabay
Denmark's AP-Moller Maersk, the world's largest shipping company, cut its bunker consumption by 6.7% last year despite marginal growth in its fleet.
Total bunker consumption dropped to 11.092 million mt in 2019 from 11.894 million mt the previous year, the company said in its annual report Thursday.
Average nominal fleet capacity advanced by 0.4% to 4.132 million twenty-foot equivalent units (TEU) over the same period.
Maersk paid an average $412/mt for its bunker fuel last year, down from $424/mt in 2018.
The company's bunker efficiency improved significantly, with consumption calculated in grams of fuel consumed to transport one TEU one nautical mile down by 6.9% over the year to 41.2 g/TEU*NM in 2019.
Maersk is the largest consumer of bunker fuel in the world, representing about 3.7% of global marine fuel demand.