AP Moller-Maersk, a titan in global shipping, is making striking strides in preserving the environment. Leading the charge in reducing fuel consumption, it looks poised to attain the lowest fuel usage in seven years by 2023. The downturn in bunker consumption materializes from the company’s targeted moves towards fuel-efficient fleet operations amidst a gradually weakening box ship industry.
Bunker Consumption: The Statistics
By the close of the third quarter, Maersk reported a consumption of roughly 2.481 million mt of marine fuel. This marks a 7.5% drop from the corresponding period in the preceding year. If one adjusts the company’s figures for the initial nine months of 2023, Maersk is set to end the year with a total fuel usage of 9.767 million mt. This would signify a 7.7% cutback from 2022, yielding the least annual count since 2016.
Maersk in Global Bunker Demand
Maersk accounts for approximately 4.9% of global bunker demand, as per figures from 2021. A significant component of this pivot towards sustainability is the company’s rigorous focus on fuel efficiency. Maersk has incorporated slow steaming and installed energy-efficient systems on specific segments of its fleet.
The Future of the Shipping Industry
The incoming IMO’s carbon intensity indicator regulation, paired with the EU’s emissions trading system for shipping, will likely incite industry-wide efforts to reduce fuel consumption and, consequently, emissions.
This urgency to curb fuel consumption isn’t isolated to Maersk. The wider shipping sector has made noticeable efforts to cut down on fuel usage that directly correlates to their carbon footprint.
The Global Container Market
Another facet of this scenario pertains to the worldwide container market. The past few years have portrayed an unusually robust market, which is now showcasing a remarkable slump. In its initial nine months of this year, Maersk recorded a volume of 8.796 million FFE, a 3.5% decrease from the past year.
The New Era of Bunker Demand
These waning demand figures from Maersk shed light on the ongoing decline of conventional bunker demand. The shift towards fuel-efficient systems and a preference for alternative fuels map this transition.
Earlier this year, the CEO of Bunker Holding, Keld Demant, in a conversation with Ship & Bunker, suggested the potential crossing of the peak in conventional bunker demand. The forthcoming years can anticipate a consistent decline in this sector.
This transformation unfolding within the shipping industry underlines how global businesses are redefining their norms and reimagining their habits to steer a green course in their operations. One can only hope that such steps not only influence a sea change within the industry but also ripple into inspiring other sectors to make the leap towards sustainability.
