World News
Maersk Bunker Consumption Jumps to Highest Since 2018
Wednesday August 7, 2024
Container line AP Moller-Maersk, one of the world's largest shipping firms, saw its bunker consumption climb to the highest level since 2018 in the second quarter as Red Sea diversions left its ships taking longer voyages.
The firm consumed a total of 2.862 million mt of marine fuels in Q2, it said in an earnings release on Tuesday. The figure was up by 17.7% on the year, by 2.4% from Q1 and the highest level since Q3 2018.
Attacks on ships off Yemen over the past eight months have left major shipping companies avoiding the Red Sea and Suez Canal, taking longer routes around the Cape of Good Hope and consuming more fuel.
The firm paid an average of $636/mt for its bunker fuel in Q2, up from $592/mt in the same period a year earlier.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 579.00 | 3.50 | 622.00 | 5.50 |
| Rotterdam | 503.50 | 0.50 | 612.50 | 3.00 |
| Houston | 498.00 | 0.00 | 638.50 | 5.00 |
| Fujairah | 577.00 | 2.00 | 776.00 | 3.00 |
| Global 20 Ports Average | 589.50 | 2.00 | 730.50 | 1.00 |
| Global 4 Ports Average | 539.50 | 1.00 | 662.00 | 1.50 |
| Global Average Bunker Price | 635.00 | 1.50 | 808.00 | 0.00 |
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