World News
Red Sea Diversions Send Maersk Bunker Consumption to Highest Since 2021
Friday May 3, 2024
Diversions away from the Red Sea in the wake of Houthi attacks have sent AP Moller-Maersk's bunker consumption to the highest level since 2021.
Maersk consumed a total of 2.796 million mt of bunker fuel in the first quarter, it said in an earnings release this week, up by 15.9% on the year and the most since Q4 2021.
The firm paid an average of $625/mt for its bunker fuel in the first quarter, little changed on the year.
"The rerouting south of Cape of Good Hope led to higher bunker consumption and higher operating costs," the company said in the release.
Maersk consumed an average of 38.4 g of marine fuel per TEU per nautical mile in the first quarter, down from 43.5 g/TEU*NM a year earlier.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 611.00 | 1.50 | 730.00 | 7.00 |
| Rotterdam | 557.50 | 1.00 | 718.50 | 2.00 |
| Houston | 576.00 | 1.00 | 750.50 | 2.50 |
| Fujairah | 608.50 | 2.50 | 829.00 | 2.00 |
| Global 20 Ports Average | 624.50 | 2.50 | 817.50 | 3.00 |
| Global 4 Ports Average | 588.50 | 0.50 | 757.00 | 2.50 |
| Global Average Bunker Price | 678.50 | 3.50 | 883.50 | 2.00 |
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