Hapag-Lloyd Sees Small Gain in First-Half Bunker Consumption as Fuel Price Gains 67%

by Ship & Bunker News Team
Thursday August 11, 2022

Container line Hapag-Lloyd saw a small increase in its bunker consumption in the first half of the year as its average fuel price surged.

The firm consumed a total of 2.12 million mt of bunker fuel in the first six months of the year, up by 0.7% from the 2.11 million mt used in the same period a year earlier, it said in an earnings release on Thursday.

"This increase was essentially caused by a rise in vessel capacity compared with the prior-year period," the company said.

The company's average bunker price climbed by 67% on the year to $703/mt. Global average VLSFO prices jumped by 75.9% to $886.50/mt over the same period, according to Ship & Bunker's G20 Index of prices at 20 leading bunkering ports.

The firm expects further rises in bunker prices in the second half of the year.

VLSFO, distillates and LNG took up 88% of the firm's bunker consumption in the first half, down from 92% a year earlier. This was as a result of HSFO consumption climbing from more scrubbers being fitted to Hapag-Lloyd's ships.

Bunker consumption per slot rose to 2.42 mt in the first half from 2.41 mt a year earlier.