A.P. Moller-Maersk A/S

Line items

• Methanol fleet conversion (already proven with 7 ships) would have shielded the fleet from the 45% Hormuz bunker fuel surge

  Saving$1.8B

  Sources:

  • Strait of Hormuz Crisis Sends Oil Above $118 as Shipping Reroutes
  • Maersk Climate Change and Sustainability ESG Disclosures

  Assumptions:

  • VLSFO bunker fuel price surge during 2026 Hormuz crisis

    45 percent increase

    Scope: Line items 1

    Brent surged from $65 to $118/bbl during the Feb-Mar 2026 Hormuz crisis. VLSFO bunker prices tracked at ~45% increase from ~$550/t to ~$800/t, reflecting crude price pass-through and supply disruption premiums.

    Strait of Hormuz Crisis Sends Oil Above $118 as Shipping Reroutes

  • Maersk annual bunker fuel consumption

    12 Mt/yr

    Scope: Line items 1

    Maersk's ~700-vessel fleet consumed approximately 12 Mt of VLSFO and marine gasoil in 2024, producing 34 Mt CO2 in Scope 1 emissions.

    Maersk Climate Change and Sustainability ESG Disclosures

  ◐Medium — VLSFO bunker fuel prices surged ~45% during the Hormuz crisis tracking Brent's move to $118/bbl. Maersk consumes ~12 Mt of bunker fuel annually across its ~700-vessel fleet. Estimated excess cost on unhedged and forward purchases.

• Methanol-powered vessels with fixed-price fuel would have reduced rerouting fuel cost impact (Cape of Good Hope adds 30% fuel per transit)

  Saving$1.2B

  Sources:

  • Strait of Hormuz Crisis Sends Oil Above $118 as Shipping Reroutes
  • A.P. Moller-Maersk Annual Report 2024

  Assumptions:

  • Cape of Good Hope rerouting incremental cost per Asia-Europe voyage

    1000000 USD per voyage

    Scope: Line items 2

    Cape of Good Hope rerouting adds ~3,500 nm and 10+ days per Asia-Europe transit. Additional fuel (~1,500t VLSFO at $800/t), crew costs, and vessel-day opportunity costs total ~$1M per rerouted sailing. Applied to ~1,200 annual Asia-Europe sailings.

    Strait of Hormuz Crisis Sends Oil Above $118 as Shipping Reroutes

  ◐Medium — Maersk diverted Asia-Europe sailings via Cape of Good Hope, adding ~3,500 nautical miles and 10+ days per voyage. Additional fuel, crew, and vessel-day costs estimated across ~1,200 annual Asia-Europe sailings affected.

• Diversified fuel supply chains would have reduced Hormuz transit dependency and the 0.4%-of-ship-value war-risk insurance surge

  Saving$0.4B

  Sources:

  • Lloyd's Market War Risk Premiums Surge on Hormuz Strait Closure Fears
  • A.P. Moller-Maersk Annual Report 2024

  Assumptions:

  • War-risk insurance premium for Hormuz transit

    0.4 percent of ship value per transit

    Scope: Line items 3

    War-risk insurance premiums for Strait of Hormuz transits surged to 0.4% of ship value during the Feb-Mar 2026 crisis, up from ~0.01% baseline. A $120M container ship incurred ~$480,000 per transit.

    Lloyd's Market War Risk Premiums Surge on Hormuz Strait Closure Fears

  ◐Medium — War-risk insurance premiums for Hormuz transit surged to 0.4% of ship value, from a baseline of ~0.01%. For vessels still transiting, each passage cost $200,000-$500,000 in additional insurance on a $100M+ container ship.

• Green methanol vessels shielded: 7 operational dual-fuel ships avoided bunker fuel cost spike

  Cost-$0.05B

  Sources:

  • Maersk Climate Change and Sustainability ESG Disclosures
  • A.P. Moller-Maersk Annual Report 2024

  Assumptions:

  • Methanol vessel fuel cost shielding

    7 vessels shielded

    Scope: Line items 4

    Maersk's 7 operational dual-fuel methanol vessels with fixed-price green methanol offtake agreements were structurally decoupled from the bunker fuel price spike during the Hormuz crisis.

    Maersk Climate Change and Sustainability ESG Disclosures

  ◐Medium — Maersk's 7 operational methanol vessels running on green methanol with fixed-price offtake agreements were structurally shielded from the bunker fuel price spike. Credit reflects avoided excess fuel cost on these vessels.

• Accelerated methanol fleet expansion capex to reduce future crisis exposure

  Cost$0.3B

  Sources:

  • A.P. Moller-Maersk Annual Report 2024
  • Maersk Climate Change and Sustainability ESG Disclosures

  Assumptions:

  • Accelerated dual-fuel fleet expansion annualised capex

    300 USD million/yr

    Scope: Line items 5

    Incremental annualised capex for accelerating methanol vessel orders to reduce structural crisis exposure. Each dual-fuel vessel costs ~12% more than conventional, applied to an expanded order book.

    A.P. Moller-Maersk Annual Report 2024

  ◐Medium — Annualised incremental capex for accelerating dual-fuel vessel orders beyond the current 25+ to structurally reduce fossil fuel crisis exposure across the 700-vessel fleet.