October 29 - The costs involved in operating a vessel are expected to rise by 3 percent in both 2012 and 2013 according to a new survey by international accountant and shipping consultant Moore Stephens.

Based on responses from key players in the international shipping industry, Moore Stephens forecasts that lubricant expenditure and crew costs are the categories most likely to produce the highest levels of increase.

Lube costs are expected to increase by 2.9 and 2.8 per cent in 2012 and 2013 respectively, while crew wages are expected to increase by 2.3 percent in 2012 and by another 2.4 percent in 2013.

The increase in P&I costs for 2012 and 2013 is estimated by respondents at 2.1 percent and 2.2 percent respectively, while for hull and machinery insurance the respective figures are 1.9 percent and 2 percent.