World News
Container Giant Maersk Saw 6.5% Drop in Bunker Consumption in Third Quarter
Shipping and logistics giant Maersk, the largest consumer of bunker fuel in the world, saw a 6.5% drop in its marine fuel consumption in the third quarter, the company said Wednesday.
The company consumed a total of 2.621 million mt of bunkers in the third quarter, the company said in an earnings release, down from the 2.803 million mt total for the same quarter of 2019 but up from the 2.333 million mt reported for the second quarter of this year.
The yearly decline reflects the impact of the COVID-19 pandemic on the global economy and trade. But container shipping has been faster to recover than other parts of the shipping industry, and other segments are likely to have seen much steeper falls in their bunker consumption.
Maersk's improvements in its fuel efficiency stalled in the third quarter, according to its earnings release. The company reported bunker consumption of 39.8 grams per TEU per nautical mile, up by 0.8% from the 39.5 g/TEU*NM seen in the same period of 2019.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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