World News
Maersk 2024 Bunker Consumption Heads for Six-Year High
Friday November 1, 2024
AP Moller-Maersk, the world's second-largest container line by capacity, is heading for its highest annual bunker consumption in six years.
The firm has consumed a total of 8.478 mt of bunker fuel in the first nine months of 2024, it said in its quarterly earnings this week. Annualising that figure to cover the whole of 2024 would give a total of 11.304 million mt, its highest annual consumption since 2018.
The increase is explained by the firm's ships avoiding the Suez Canal and attacks on commercial ships from Yemen's Houthi movement.
"The re-routing south of Cape of Good Hope resulted in higher bunker consumption, which increased by 14% compared to Q3 2023," the company said in the statement.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 590.00 | 4.00 | 672.50 | 20.00 |
| Rotterdam | 524.00 | 5.50 | 669.50 | 8.00 |
| Houston | 530.50 | 7.00 | 659.00 | 9.00 |
| Fujairah | 581.50 | 12.00 | 758.50 | 6.00 |
| Global 20 Ports Average | 595.50 | 4.50 | 755.50 | 9.00 |
| Global 4 Ports Average | 556.50 | 7.00 | 690.00 | 11.00 |
| Global Average Bunker Price | 641.00 | 4.50 | 811.00 | 5.50 |
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