Maersk Sees 54% Jump in Q1 Bunker Price

by Ship & Bunker News Team
Wednesday May 4, 2022

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.