Ship Operating Costs
International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry increased by an average 2.2 per cent in 2010. This compares with the 2.0 per cent average fall in costs recorded for the previous year, which was the first time since 2002 that operating costs had fallen. All cost categories showed an overall increase this time, with the exception of stores and insurance – with the latter falling by 4.7 per cent overall. The findings are set out in OpCost 2011, Moore Stephens’ unique ship operating costs benchmarking tool, which reveals that all individual categories of vessel covered by the research, with the exception of handysize product tankers, experienced an increase in total operating costs in 2010, the financial year covered by the survey. Costs for the three main sectors covered – bulkers, tankers and container ships – were all up. The bulker index increased by 5 index points (or 2.9 per cent) on a year-on-year basis, while the tanker index witnessed a two-index-point (1.1 per cent) rise. Meanwhile, the container ship index (with a 2002 base year, as opposed to 2000 for the other two vessel classes) was up three index points, or 1.9 per cent. The corresponding figures in last year’s OpCost report showed falls in the bulker, tanker and container ship indexes of 1, 5 and 13 points respectively.
Last year, shipowners experienced an average increase of just under four per cent in their total operating costs, compared to the previous year. And OpCost 2006, Moore Stephens' operating cost benchmark tool, confirms that the biggest increases were recorded in respect of insurance and crew costs. All vessel categories experienced an increase in total operating costs, but the increases were not as marked as in the previous year, when
Sino-Global Shipping America, Ltd. (NASDAQ:SINO), a leading, non-state-owned provider of shipping agency services operating primarily in China, announced new cost-cutting measures in response to the weakened global shipping industry. Specifically, some of the key measures include a 33% reduction in annualized office rent expense and reduction of staff from 75 as of September 2008 to 52 as of February 2009, resulting in an expected 27% reduction in annualized personnel expenses
Seacor Smit Inc., announced net earnings for the first quarter ended March 31, 2002 of $11,406,000, or $0.55 per fully diluted share, on operating revenues of $103,643,000. In the comparable quarter ended March 31, 2001, SEACOR earned $12,134,000 per fully diluted share, on operating revenues of $93,200,000. Net earnings in the immediately preceding quarter ended December 31, 2001 were $18,679,000 on operating revenues of $109,804,000.
Stolt-Nielsen Limited has reported unaudited results for the fourth quarter ended November 30, 2013. Net profit attributable to SNL shareholders in the fourth quarter was $36.7 million, with revenue of $524.5 million, compared with $21.8 million, with revenue of $521.8 million, respectively, in the third quarter of 2013. Net profit attributable to shareholders for 2013 was $85.8 million, with revenue of $2,099.5 million, compared with $70.2 million, with revenue of $2,071
Accountant Moore Stephens says changes to National Insurance rules for UK companies employing British seafarers announced last week may threaten British jobs. Shipping tax partner, Philip Parr, says, "From October 6, 2003, shipping companies using British resident seafarers and which operate mainly in UK waters face a payroll cost increase of 13 per cent, and increased costs of administration." On April 23, 2003 the Paymaster General announced that with effect from
Chiles Offshore Inc. reported that, for the quarter ended March 31, 2002, the company had net income of $4.1 million or $0.20 per diluted share after an extraordinary loss of $0.02 per diluted share, compared to net income of $5.3 million or $0.30 per diluted share reported for the corresponding quarter ended March 31, 2001. Revenue for the quarter ended March 31, 2002, was $19.8 million compared to revenue of $19.2 million for the corresponding quarter ended March 31, 2001.
Global competition in the shipbuilding industry, which is continuously intensifying due to the entry of developing countries into the shipbuilding market, leads to decreasing margins and enormous cost pressure in this industry. Many shipyards have already gone bankrupt through the inability to keep to their original budget that the offer was based on. In the naval sector it is not unusual to double the originally estimated costs when building the vessel
American Commercial Lines Inc. (Nasdaq: ACLI) announced results for the fourth quarter and year ended December 31, 2008. Revenues for the quarter were $289.9m, a 4.2% decrease compared with $302.5m for the fourth quarter of 2007. Income from continuing operations for the quarter was $23.5m or $0.47 per diluted share, compared to $23.6m or $0.46 per diluted share for the fourth quarter of 2007. Earnings Before Interest, Taxes
The United States Navy commissioned its new LHD 8 ship USS Makin Island on October 24, 2009 in San Diego, California. The USS Makin Island is the first U.S. Navy amphibious assault ship to feature a unique hybrid propulsion system that relies on two LM2500+ gas turbines or two diesel electric motors. According to remarks made by the Honorable Ray Mabus, secretary of the U.S. Navy, during the Naval Energy Forum held in McLean, Virginia on Wednesday, October 14, 2009
The nuclear reactor in HMS Vanguard is to be refuelled, the Defence Secretary has announced. The decision comes after low levels of radioactivity were detected in a prototype core that has been running at the Naval Reactor Test Establishment at Dounreay in Scotland since 2002.
The 2013 shipping season was a record-setter for the Port of Monroe (located on Lake Erie and bisected by the River Raisin, the Port of Monroe is Michigan’s only port on the Lake). Nearly 2.2 million metric tons of cargo was handled by the port
A changing tax landscape doesn’t have to mean bad news – at least not just yet. A Changing Landscape Historically, bonus depreciation has had a significant effect on construction of new vessels, allowing businesses to initially expense 30 percent
Xodus Group, Cathie Associates and UTEC Geomarine have formed an industry leading consortium to deliver a study which will aim to reduce the costs of generating electricity from offshore wind farms in U.K. waters. The Carbon Trust’s Offshore Wind Accelerator (OWA)
March 6 marks the start of a new service from Los Angeles gateway. CaroTrans, a global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, has announced a new weekly, direct, all-water LCL (less than container load) service from the U.S
Reuters - Royal Dutch Shell has become the second energy heavyweight to urge Scotland to stay in the United Kingdom as the campaign for Scottish independence battles mounting opposition from businesses. Shell is a key player in the North Sea oil and gas fields off Scotland and its Chief
The analysis considers that the US Arctic Ocean presents almost a perfect storm of risks: a requirement for a long-term capital-intensive investment for uncertain return; a remote and uniquely challenging operating environment; ongoing court challenges; a lack of extraction and spill response
Net Income Group share up 174% to €115 million. Increased operating margin1 and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012. EBITDAR2 (excluding capital gains) reached €450.3 million (+17.6%), an increase of 2.1 pts to 34
An £8 million investment in the Port of Liverpool’ animal feed warehouse facility makes it the largest of its type in the U.K., increasing capacity by 60% to 400,000sq.ft, allowing Peel Ports Group to add value to its customer supply chains and create effective logistics solutions
Huntington Ingalls Industries informs that its Newport News Shipbuilding division has received a US$1.295 billion extension to a previously awarded construction preparation contract for the aircraft carrier 'John F. Kennedy' (CVN 79). The contract extension enables Newport News to complete an
SEACOR Holdings Inc. has announced its results for its year and fourth quarter ended December 31, 2013. Highlights • For the year ended December 31, 2013, net income attributable to SEACOR Holdings Inc. from continuing operations was $47.2 million, or $2
iBASEt, developers of Solumina’s Product Lifecycle Execution (PLE) software suite say that Textron Systems operating unit Textron Marine & Land Systems, has selected Solumina’s Manufacturing Execution System (MES) to streamline manufacturing operations for its work on the U.S
A new well-intentioned maritime fuel regulation from the Environmental Protection Agency (EPA) is poised to crowd roads and increase onshore air pollution, maintain shipping industry leaders Rod Jones and Bill Terry, President and CEO of the CSL Group and of Eagle Rock Aggregates, respectively
Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has secured a contract from TS Offshore Limited (TS Offshore), to construct an ultra-high specification jackup rig worth approximately $500 million.
The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected four major research and development projects for award, as part of the program's continuing mission to reduce costs associated with U. S. shipbuilding and ship repair