Maersk is the world's largest consumer of bunker fuel. File Image / Pixabay
Shipping giant AP Moller-Maersk has reported a 7.4% year-on-year rise in its bunker consumption in the third quarter as it ran its vessels at a higher speed in a frantic container market.
The company used 2.8 million mt of bunker fuel in the three months to September 30, it said in a quarterly results statement this week, up from 2.6 million mt in the same period a year earlier. The company's loaded volumes slipped by 0.6% to 3.3 million FFE over the same period.
The increase in consumption was "driven by an increase in deployed capacity and an increase in average network speed in response to low schedule reliability," the company said.
The company's fuel efficiency fell, with fuel consumption per TEU transported per nautical mile gaining 2.4% on the year to 40.75 g/TEU*nm.
Maersk paid an average of $504/mt for its bunkers in the third quarter, up by 73.8% on the year.