Study: Containership operating costs rise faster

Study: Containership operating costs rise faster Ship operating costs increased an average of 8.5 percent in 2006 compared to less than 4 percent in 2005, according to an annual study by Moore Stephens, a London-based accounting firm.
   The firm said its OpCost 2007 study found operating costs were up even more sharply for some vessel types: containerships, up 10.8 percent; handysize bulkers, up 14.8 percent; and tankers, up 9.1 percent.
   While expenditure on repairs and maintenance was up by an average of 9.7 percent across all vessel categories, the biggest percentage increase — a hefty 20 percent — was recorded in respect of stores.
   Moore Stephens partner Richard Greiner said, “A significant part of this will doubtless be attributable to increased costs and supply shortages in the lube oil markets, which are themselves attributable to underling increases in the price of oil and other base materials. Although these increases first hit the shipping market some 18 months ago, it seems likely that their effect on operating costs — offset in some cases by price advantages built into term contracts with suppliers — has taken a little while to filter through.”
   Insurance and crew costs were up 7.9 percent and 7.6 percent respectively. That is not as sharp as increase the prior year when they recorded double-digit increases.