Container Line ONE Reports 16% Bunker Consumption Gain in 2023/4

by Ship & Bunker News Team
Wednesday May 1, 2024

Container line ONE has reported a 15.6% jump in its bunker consumption in the 2023/24 financial year.

The firm consumed a total of 3.454 million mt of bunker fuel in the year to March 31, up from 2.987 million mt in the previous financial year, it said in its annual report on Tuesday.

The company paid an average of $592/mt for its fuel during the year, down by 22% from 2022/3.

ONE's profits dropped by 94% to $974 million, while its carried volumes jumped by 8% to 12.019 million TEU.

"High tonnage supplied continued due to the influx of new vessels," the company said in the report.

"However, rerouting via the Cape of Good Hope, as uncertainty surrounding the situation in the Middle East continued, resulted in a reversal of the oversupply situation."

ONE is the world's sixth-largest container line by capacity.