World News
Maersk Sees 54% Jump in Q1 Bunker Price
Container shipping firm AP Moller-Maersk saw a 54% jump in its average bunker price in the first quarter as the Russian invasion of Ukraine delivered a surge in oil markets.
Maersk paid an average of $611/mt for bunker fuel in the first quarter, up from $398/mt in the same period a year earlier. Global average VLSFO prices gained 60% to $782/mt over the same period, according to Ship & Bunker's G20 index of prices at 20 leading bunkering ports.
Maersk's bunker consumption slipped by 1.6% on the year to 2.7 million mt in the first quarter. Its fuel consumption per container mile fell by 2.6% to 40.68 g/TEU*NM.
Overall the company reported net profit of $6.8 billion in the first quarter, up by 151% from the same period a year earlier. This figure would have been even higher without a $718 million drop in pre-tax earnings resulting from the company's withdrawal from business in Russia since the outbreak of war.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
Popular Now More
-
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer. -
Nov 25The firm has installed rotor sails expected to save 10-15% in fuel consumption on transpacific routes on board the Chinook Oldendorff. -
Nov 20The ISO 6853:2024 specifications, the first of their kind, cover the general requirements and properties for methanol specifically being used as marine fuel.