A.P. Moller-Maersk reported a 4.3% year-on-year decline in bunker consumption for the second quarter of 2026, while bunker costs rose 36% amid higher fuel prices tied to the Middle East situation. For container shipping lines, bunker fuel is typically the single largest operating expense, meaning price swings of this magnitude have a material impact on profitability and freight rate strategies.

According to the company's earnings release issued on Thursday, the container shipping firm consumed 2.56 million fuel oil equivalent tonnes (FOE tonnes) in Q2 2026, down 4.3% from the same quarter a year earlier but up approximately 2.1% from Q1 2026. Beginning in Q1 2026, Maersk adopted fuel oil equivalent tonnes (FOE tonnes) as its standard reporting unit for bunker consumption, replacing metric tonnes — a shift that normalizes consumption across fuel types by energy content, an approach increasingly relevant as the industry introduces dual-fuel and alternative-fuel vessels with different energy densities.

The company spent approximately $2.11 billion on bunkers in Q2 2026, an increase of $556 million — or 36% — from the $1.55 billion recorded in Q2 2025. Bunker costs represented roughly 25% of the firm's shipping operating costs during the quarter, up from 22% in the same period last year.

The average bunker price for Maersk in Q2 reached $777 per FOE tonne, a 44% increase from $538 per FOE tonne in Q2 2025.

"As anticipated, the Middle East situation led to a 19% increase in operating costs, primarily driven by higher bunker costs," Maersk said in its report. "The average bunker price increased by 44%, partly offset by the optimised bunker consumption of 4.3%."

The company also noted improved bunker efficiency. Maersk consumed 6.04 FOE kg/TEU day of marine fuel in Q2, compared with 6.42 FOE kg/TEU day in Q2 2025. The efficiency gains come as the container shipping sector faces mounting pressure to reduce per-unit emissions under International Maritime Organization targets, which call for improved carbon intensity across the global fleet.

"Unit cost at fixed energy decreased by 0.8%, as higher volumes counterbalanced higher operating costs," the report stated.

For the first half of 2026, total bunker consumption reached 5.08 million FOE tonnes, down from 5.33 million FOE tonnes in the same period a year ago. Bunker costs for the first six months of the year amounted to $3.9 billion, compared with $3.6 billion in the corresponding period of 2025.

Source: Ship & Bunker