A.P. Moller-Maersk’s fuel expenses climbed sharply in the second quarter of 2026, even as the container shipping giant reduced its overall bunker consumption, according to Ship & Bunker.
The company reported spending approximately $2.11 billion on bunkers in Q2 2026, a 36% increase—equivalent to $556 million—compared to the $1.55 billion spent in the same period last year, Ship & Bunker reports, citing Maersk’s earnings release published Thursday.
Consumption Drops, Prices Climb
Despite the higher spending, Maersk actually used less fuel. The company consumed 2.56 million fuel oil equivalent tonnes (FOE tonnes) in Q2 2026, down 4.3% year-on-year, though up roughly 2.1% from the previous quarter, according to Ship & Bunker. Notably, Maersk has shifted its reporting metric from metric tonnes to FOE tonnes starting in Q1 2026.
The driving force behind the cost increase was price, not volume. Ship & Bunker reports that the average bunker price paid by Maersk rose 44% year-on-year, reaching $777 per FOE tonne in Q2 2026, up from $538 per FOE tonne in Q2 2025.
Middle East Situation Cited as Key Factor
Maersk directly linked the cost pressure to regional instability. “As anticipated, the Middle East situation led to a 19% increase in operating costs, primarily driven by higher bunker costs,” the company said in its report, as quoted by Ship & Bunker. The report further noted that “the average bunker price increased by 44%, partly offset by the optimised bunker consumption of 4.3%.”
According to Ship & Bunker, bunker costs now represent about 25% of Maersk’s total shipping operating costs in Q2 2026, up from 22% during the same quarter last year.
Efficiency Gains Provide Partial Offset
Maersk’s fuel efficiency improved during the quarter, according to Ship & Bunker, with consumption falling to 6.04 FOE kg per TEU day, down from 6.42 FOE kg per TEU day in Q2 2025. The company stated that “unit cost at fixed energy decreased by 0.8%, as higher volumes counterbalanced higher operating costs.”
For the first half of 2026, Maersk’s bunker consumption totaled 5.08 million FOE tonnes, down from 5.33 million FOE tonnes in H1 2025, Ship & Bunker reports. However, six-month bunker costs rose to $3.9 billion, up from $3.6 billion during the same period last year.
Does This Matter to You?
For those monitoring bunker price trends and fuel cost exposure across the container shipping sector, Maersk’s results offer a concrete data point on how Middle East-related disruptions are translating into real financial impact for major carriers. The 44% year-on-year jump in average bunker prices paid by Maersk illustrates the scale of cost pressure facing vessel operators reliant on fuel oil equivalent purchasing, even as efficiency measures help contain some of the damage.
Charterers, traders, and operators tracking freight rate and operating cost trends may find Maersk’s disclosure useful as a benchmark, given the company’s position as one of the world’s largest container carriers. The direct implications for smaller operators or specific trade lanes are not detailed in the source material and remain unclear beyond Maersk’s own reported figures.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
