Image credit: Hapag-Lloyd

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Hapag-Lloyd consumed 2.2 million tonnes of bunker fuel during the first half (H1) of 2018, representing an increase of 0.5m tonnes, or 29.4 percent, on the 1.7m tonnes used during the prior-year period.

It is worth noting that last year's six-month figures only include United Arab Shipping Company (UASC) data for a little more than a month (as the merger with the Middle East boxship operator was officially completed on May 24), whilst the latest bunker consumption data for H1 2018 incorporates UASC consumption figures for the entire six months.

Bunker consumption for the second quarter (Q2) 2018 was 1.1m tonnes - equalling the amount sold in Q1. In a year-on-year (YoY) comparison, the figure was up 173,000 tonnes, or 18.7 percent.

Approximately 12 percent of marine fuel used contained a low proportion of sulphur in the form of low-sulphur marine fuel oil (MFO) or marine diesel oil (MDO), Hapag-Lloyd said.

A year ago, in H1 2017, roughly 15 percent of bunkers consumed were recorded as being low in sulphur content.

On a per-transported-TEU basis, bunker consumption in H1 was 0.37 tonnes per TEU, compared to 0.41 tonnes per TEU in H1 2017.

The average price paid for bunkers by Hapag-Lloyd in H1 was $385 per tonne, which was a YoY rise of $73, or 23.4 percent, on the $312-per-tonne figure posted in the prior-year period.

Key results

In its key figures for H1, Hapag-Lloyd posted a group Q2 loss of EUR 66.6m (EUR 15.4m profit in Q2 2017), and a H1 loss of EUR 100m (EUR 42.7m loss in H1 2017).

Second-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) fell YoY by EUR 22.7m, or 9.9 percent, to EUR 205.8m, whilst in H1 it climbed EUR 61.4m, or 16.9 percent, to EUR 425.2m.

Earnings before interest and taxes (EBIT) declined YoY by EUR 48.2m, or 57.9 percent, to EUR 35.0m in Q2; in H1 EBIT dipped EUR 2.0m, or 2.2 percent, to EUR 88.7m.

Revenue increased both in Q2 and H1. In Q2, the rise was EUR 422m, or 17.7 percent, to EUR 2,808m; and in H1, revenue grew EUR 906m, or 20.1 percent, to EUR 5,425m.