Maersk’s Suez return cuts fuel use as higher prices lift quarterly bunker bill

A.P. Moller–Maersk reduced bunker consumption by 6.3% year on year in the third quarter of 2026, helped by its partial return to the Suez Canal. However, higher fuel prices pushed its quarterly bunker expenditure up 37% to approximately US$2.1 billion.

The group’s fleet consumed 2.51 million fuel oil equivalent (FOE) tonnes during July–September, compared with 2.68 million a year earlier. Consumption also declined by approximately 2% from the preceding quarter, according to results released on 5 November.

Why did bunker spending increase despite lower consumption?

Maersk’s average bunker price rose 49% year on year to US$798 per FOE tonne, from US$537. The company attributed higher expenditure to global fuel-supply disruption, increased crude prices and elevated supply costs.

Fuel efficiency improved by 8.2%, with consumption falling to 5.81 FOE kilograms per twenty-foot equivalent unit per day, from 6.33 a year earlier.

Network costs excluding bunkers increased by 12%, reflecting operational adjustments linked to the Strait of Hormuz closure and higher canal expenses as services returned through Suez. Container-handling costs rose 9.3%, driven by terminal congestion.

Maersk adopted FOE tonnes as its standard bunker-consumption reporting unit from the first quarter of 2026. During the first nine months, consumption totalled 7.59 million FOE tonnes, compared with 8.01 million in the corresponding 2025 period.

How far has Maersk’s Suez return progressed?

During its results presentation, Maersk said Suez transits had recovered to just over two-thirds of pre-closure capacity. Management linked the gradual return through the Bab el-Mandeb Strait with shorter customer transit times and reduced fuel consumption.

The company also said higher bunker costs had been recovered through contractual surcharges and higher spot freight rates. Its investor presentation identified the Red Sea return, weather-related disruption and network efficiencies among the factors contributing to lower consumption.

India–Europe service joins the route transition

The return continued after the third quarter. On 2 November, Maersk and Hapag-Lloyd announced that their joint ME1 Gemini service between India and Europe would move from the Cape of Good Hope route to Suez.

The revised rotation connects Mundra, Nhava Sheva and Salalah with Tangier, Rotterdam, Wilhelmshaven, Hamburg, London and Algeciras, before returning through Tangier, Suez and Salalah to Mundra.

The advisory identified Atlanta Express, voyage 644W, departing Salalah on 4 November, as the first westbound sailing under the change. The corresponding eastbound transition was scheduled for Savannah Express, voyage 644E, from Tangier on 13 November.

Both carriers said further service changes would depend on continued stability in the Red Sea, with regional security conditions under review.

Congestion supports earnings while increasing operating costs

Maersk reported that severe typhoons in Asia contributed to port congestion and absorbed vessel capacity during the quarter. Global average port waiting times peaked at 16.6 hours, their highest level since January 2023.

Despite these constraints, Ocean vessel utilisation remained at 96%. The segment’s earnings before interest and tax (EBIT) increased to US$2.6 billion, from US$567 million a year earlier.

Group revenue rose 27% to US$18.1 billion, while EBIT increased to US$3.3 billion from US$1.3 billion. Maersk raised its full-year underlying EBIT guidance to US$8 billion–US$8.5 billion, compared with its previous range of US$4.5 billion–US$6.5 billion.

Chief Executive Vincent Clerc said demand remained resilient, supported by consumer spending and investment in electrification, energy and artificial-intelligence infrastructure. The results reflected stronger freight earnings alongside continuing pressure from fuel prices and disrupted port operations.