Latest news from Heavy Lift & Project Forwarding International Magazine

Vessel operating costs to increase

November 4 - According to a survey by Moore Stephens, vessel operating costs are expected to rise by more than 3 percent in 2013 and 2014.

The survey, which is based on responses from key players in the international shipping industry, revealed that vessel operating costs are expected to rise by 3 percent in 2013 and 3.2 percent in 2014, with crew wages and P&I insurance likely to increase most significantly.

A projected increase of 2.4 percent in 2013 and 2.5 percent in 2014 is expected in crew wages, with other crew costs estimated to rise by 2.1 and 2.2 percent respectively for the years under review.

The cost of P&I insurance is expected to escalate by 2.4 percent and 2.5 percent in 2013 and 2014, compared to the increases of 2 and 2.3 percent predicted in the cost of hull and machinery insurance.

Expenditure on spares is expected to increase by 2.1 and 2.3 percent in 2013 and 2014 respectively, while a 2.2 percent increase is anticipated in the cost of lubricants in both years.

An estimated rise of 1.9 and 2 percent is forecast in the cost of stores in 2013 and 2014 respectively, with repairs and maintenance expenditure predicted to increase in those two years by 2.3 and 2.4 percent.

Drydocking costs are expected to rise by 2.1 and 2.4 percent respectively and, as was the case in the 2012 survey, management fees are deemed likely to produce the lowest level of increase in 2013 and 2014, at 1.4 and 1.7 percent respectively.

Asked to identify the three factors most likely to influence the level of vessel operating costs over the next 12 months, 21 percent found finance costs as the most significant factor, followed closely by crew supply, which was noted by 20 percent. Competition gained 18 percent, followed by demand trends with 16 percent, labour costs with 13 percent and the cost of raw materials with 10 percent.

"The projected increases in vessel operating costs for the next two years will be difficult for owners, operators and managers to absorb. The good news however, is that the global economic environment is showing signs of recovery," assures Moore Stephens shipping partner, Richard Greiner.

Heavy Lift | News

Winners revealed at Heavy Lift Awards thumbnail image

Winners revealed at Heavy Lift Awards

October 16 - Almost 400 guests gathered at the inaugural Heavy Lift Awards ceremony last night at the Hilton Old Town hotel in Antwerp to celebrate the achievements of the heavy lift, specialised transport and project logistics sector.
Views: 818
Marguisa teams up with NileDutch thumbnail image

Marguisa teams up with NileDutch

October 16 - Marguisa has signed an agreement with NileDutch that will see the company’s Calabar service expanded with additional port calls in the Republic of the Congo and São Tomé and Príncipe.
Views: 299
DSV warns of cuts at Panalpina thumbnail image

DSV warns of cuts at Panalpina

October 15 - Corporate functions and positions at Panalpina may be cut or relocated to DSV’s headquarters in Denmark, as the companies continue with the integration process.
Views: 759

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.