News / Maersk warns bunker shock is reshaping shipping economics 

© Vladimir Serebryanskiy |

Maersk has warned that a rapidly escalating fuel cost shock is becoming a dominant force in container shipping, as disruption in bunker markets drives up costs and reshapes operations. 

Speaking on its first-quarter earnings call, chief executive Vincent Clerc described the situation as “unprecedented, both in terms of size [and] the speed at which it has unfolded”, with the group facing around $500m a month in additional costs. 

While the impact on Q1 earnings was limited, due to timing effects, Maersk said the full financial hit would emerge from the second quarter, when higher fuel costs flow through its accounts. 

The cost surge is being driven by more than rising crude. Maersk pointed to tightening bunker availability, regional price dislocations and the need to reposition fuel across its network. 

“We have responded to fuel shortages… by redistributing available fuel from North America and Europe,” Mr Clerc said — effectively moving fuel between regions to keep vessels supplied. 

This reflects growing pressure on bunker markets, particularly in Asia and the Middle East, where supply has tightened amid wider geopolitical disruption. 

The escalation of tensions in the Middle East has compounded the problem, with Maersk suspending operations through key chokepoints and halting plans to return to Red Sea routings. 

Longer voyages via the Cape of Good Hope are increasing fuel consumption, while supply constraints are forcing carriers to rely on onboard and stored reserves. 

Bunker availability had come “under pressure”, Mr Clerc said, even as oil prices surged. 

Maersk highlighted several drivers behind the spike: bunker prices rising faster than oil benchmarks; widening regional price premiums; added logistics costs from repositioning fuel; and tight tanker markets pushing up transport costs. Together, these are pushing fuel costs well beyond normal expectations. 

So far, Maersk has been able to recover the increase. Spot rates have risen about 40% since late February, broadly matching the jump in operating costs. 

“We are recovering [the cost increase] in full today, even in an oversupply market,” Mr Clerc said. 

However, this depends on demand holding up and industry discipline on pricing. 

The fuel shock is already influencing operations. Maersk indicated it may increase slow-steaming if high bunker prices persist. 

The result is an unusual market dynamic: despite structural overcapacity, carriers are pushing through higher rates to offset rising costs. 

But the balance is fragile. If demand weakens, or pricing discipline breaks down, carriers risk being unable to pass on fuel costs, exposing margins to renewed pressure. 

For now, Maersk says it can manage the disruption through commercial and operational measures. But, as Mr Clerc warned, the scale and speed of the energy shock has left the industry navigating an increasingly volatile environment.