World News
Hapag-Lloyd Bunker Consumption Jumps by 17.5% in First Nine Months of 2024
Container line Hapag-Lloyd saw a 17.5% jump in its bunker consumption in the first nine months of the year.
The firm's January-September bunker consumption totaled 3.5 million mt, up from 3 million mt a year earlier, it said in a quarterly earnings release this week.
"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.
Bunker consumption per TEU transported climbed by 12.2% on the year to 0.34 mt/TEU.
VLSFO, MGO, MDO and LNG took up 77% of the firm's fuel use in the period, down from 82% a year earlier, 'due to the fitting of more vessels with scrubbers', the company said.
The container line paid an average of $598/mt for its bunker fuels in January-September, down from $611/mt a year earlier.
Hapag-Lloyd is the world's fifth-largest container line by capacity.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 553.50 | 0.00 | 673.00 | 0.00 |
| Rotterdam | 514.50 | 0.00 | 651.00 | 0.00 |
| Houston | 545.00 | 0.00 | 671.00 | 0.00 |
| Fujairah | 543.00 | 0.00 | 747.00 | 0.00 |
| Global 20 Ports Average | 574.00 | 0.00 | 748.00 | 0.00 |
| Global 4 Ports Average | 539.00 | 0.00 | 685.50 | 0.00 |
| Global Average Bunker Price | 627.00 | 0.50 | 799.50 | 1.00 |
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