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Ship Operating Costs

DP World: Low Bunker Prices to Fuel Economic Growth

Photo courtesy of DP World

Falling ship operating costs and low bunker prices will translate into higher profitability fueling economic growth, says Dubai-headquartered DP World.   As bunker fuel prices drop, so too could shipping costs. Dubai-headquartered DP World says falling oil prices are good news for global shipping.  It plans to double investments this year, local media reports.   The Chairman of  DP World Sultan Ahmed bin Sulayem has stated that the fall in oil price may stimulate particular economies such as India and China who are among the most energy-dependent countries, relying on overseas producers for much of their oil needs. Crude oil prices are currently about half their level six months ago.   And world shipping is expected to be a key benefactor of such developments. In anticipation of such growth DP World is said to be planning investment of up to $1.9 billion in 2015 as part of a move to increase capacity by 14 percent.   The move could see DP World's capacity rise to 80 million twenty-foot equivalent units (TEU) throughput across terminals in Dubai, Turkey, Rotterdam, and India in 2015 and 100 million TEU by 2020.


Ship Ops Costs Increase, Insurance Costs Plummet

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.


Shippers Must Reduce Costs, Boost Efficiency

Michael Wilson

So what’s keeping ship operators awake at night these days?  Plenty, it seems. Sluggish recovery from a lingering worldwide recession, unsustainable debt loads, endemic overcapacity in most shipping trades, punishing freight rates, rising costs of fuel and regulatory compliance and a lingering sense that ships are not running as efficiently as they could.  The last two topics – reducing fuel costs while complying with emission regulations and improving ship operating


Dry Bulk Drought: Asia Rates Fall

(Photo - Vale do Rio Doce)

Rates for capesize bulk carriers on key Asian routes could continue to fall next week in the absence of major charterers although lower freight rates could tempt top iron ore miners back into the market and potentially buoy rates, brokers said. Charterers, including Vale, BHP Billiton and Fortescue Metals, kept out of the market on Thursday, shipbrokers said. "Without the likes of Vale and Rio Tinto in the market, rates are not going to rise


Working Toward a Low Carbon Future

Paul Floren (Photo: GE)

Recently, Pilita Clark, the Environment Correspondent at the Financial Times, wrote a very interesting article about a new report, ‘The New Climate Economy’, which I would highly recommend reading. The New Climate Economy was commissioned in 2013 by the governments of seven countries: Colombia, Ethiopia, Indonesia, Norway, South Korea, Sweden and the United Kingdom. Its reports are completely independent, and this latest one highlights some key recommendations which can help


Ship Operating Costs Down in 2014 -Moore Stephens

Photo: Andrew Aiello

Total annual operating costs in the shipping industry fell by an average of 0.8 percent in 2014, said international accountant and shipping consultant Moore Stephens. This compares with the 0.3 percent average fall in costs recorded for 2013. All categories of expenditure were down on those for the previous 12-month period, confirming that ship owners and operators continued to manage costs sensibly and to watch their cash carefully in 2014.  


Tax Moves Hurt UK Seafarers

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


Operating Costs Hit by Insurance and Crew Expenditure

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 Cost-Cutting Measures

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


China Shipbuilders may Merge to Stay Afloat

Picture by China COSCO Container Shipping

 The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.   The chances of mergers between China Ocean Shipping, China Shipping Container Lines, Sino Trans & CSC Holdings and China Merchants Group  has improved as they now suffer in a lackluster business climate, the Chinese-language Securities Daily reports.  


Safe Bulkers Reports 4Q Loss

Photo: Safe Bulkers

 Greece-based Safe Bulkers (SB) has reported a loss of $4.6 million in its fourth quarter. On a per-share basis, it has a loss of 9 cents.   Net revenues for the fourth quarter of 2016 increased by 6% to $31.7 million from $29.9 million during the same period in 2015.   


HEINZMANN leads in dual-fuel retrofit of marine propulsion engine

Vessel Bencomo Express of Company Fred. Olsen, S.A. Photo HEINZMANN

The use of LNG in marine applications is becoming increasingly common. It offers a big potential in terms of operating costs and emission reduction. Diesel engines converted to dual-fuel show considerably reduced emissions in case of high conversion ratios


Steel Cut for World's First LNG Cruise Liner

(Photo: AIDA Cruises)

German shipbuilder MEYER WERFT held a steel cutting ceremony on February 21 in Papenburg marking the ceremonial start of construction for the newest cruise liner for Rostock-based cruise company AIDA Cruises. The new cruise ship will be the world’s first capable of operating completely on


ASV Global to demonstrate C-Worker 5 ASV at Ocean Business exhibition

ASV Global C-Worker 5 Photo ASV Global

ASV Global has announced it will be demonstrating its C-Worker 5 Autonomous Surface Vehicle (ASV) at the Ocean Business exhibition in Southampton, 4-6 April 2017. Designed, built, and operated by ASV Global, C-Worker 5 is the ideal platform to support construction and survey operations in


CMA CGM Improves India Middle East – East Africa Links

Map: CMA CGM

 In line with operational excellence and operating cost discipline, CMA CGM Group wishes to share with you the changes concerning our 2 direct weekly services connecting India Middle East Gulf to East Africa strategic markets   Starting February 20th, 2017


DEME relies on Septentrio GNSS technology

Image of AsteRx-U Marine

The Belgian dredging, environmental and engineering group DEME relies on the accuracy and reliability of the AsteRx family of precise GNSS positioning solutions from Septentrio. DEME is using Septentrio’s AsteRx GNSS receivers to obtain centimetre-level accuracy for all their dredging and


Marco Polo Marine Revenue Drops for Q1

Photo:  Marco Polo Marine Ltd

 Marco Polo Marine Group  Group recorded a revenue of S$11.4 million in Q1FY2017, a decrease of 33% from that of S$17.0 million in Q1FY2016.   Relative to Q1FY2016, the Ship Chartering Operations’ revenue of the Group decreased by 31% to S$4.4 million in Q1FY2017


IMO Secretary-General Visits Antarctica

Photo: International Maritime Organization (IMO)

International Maritime Organization (IMO) Secretary-General Kitack Lim experienced polar conditions at first hand during a recent visit to Antarctica (8-12 February).    Shipping in waters surrounding the two poles has increased in recent years


Wärtsilä, PGS ink Service Deal

Ramform Titan is one of the 8 seismic vessels under the service agreement between Wärtsilä and PGS. Photo Wartsila

Wärtsilä and PGS Geophysical AS have signed a service agreement that makes Wärtsilä the preferred service supplier for engines and other Wärtsilä equipment.   According to the agreement, Wärtsilä will take care of the maintenance of engines and


Hyundai Global Services Enters into Eco-friendly Ship Services Business with KSS Line

Gas Star, 84,000cbm LPG carrier of KSS Line. The ship is going to be the first among KSS Line’s fleet to be retrofitted with Exhaust Gas Cleaning System. Photo: Hyundai Global Services

 Hyundai Global Services (HGS), Hyundai Heavy Industries’ (HHI) newly spun-off company specializing in providing total marine services announced today it signed an MOU with KSS Line, a Korean shipping company, for entering into eco-friendly ship business.  


Nakilat Profit slips

Nakilat announced its financial results for the year ended 31 December 2016, with a net profit of QR 955 million achieved compared to QR 984 million in 2015. The earnings per share attained in 2016 was QR 1.72 compared to QR 1.77 in the same period last year


DP World Cleared of Misconduct over Djibouti Terminal

File Image: A DP World Port Terminal (CREDIT: DP World)

The London Court of International Arbitration has cleared DP World, one of the world's biggest port operators, of all charges of misconduct over a concession to operate a container terminal in Djibouti, Dubai's government said on Tuesday.  


Higher profits for Transocean

Courtesy Transocean

Transocean Ltd. reported their Fourth Quarter and Full Year 2016 Results.  * Revenues were $974 million, up from $906 million in the third quarter of 2016  * Operating and maintenance expense was $314 million, including $30 million in favorable items associated with litigation matters


Modus unveils Saab Sabretooth for cost effective survey, inspection

Modus Seabed Intervention has successfully completed trialling one of the subsea industry’s first commercially available hybrid unmanned underwater vehicles. It will be one of the first autonomous underwater vehicles (AUVs) to feature the capabilities and characteristics of a remotely


MacGregor's Ship-to-ship compensation system Launched

ShipToShip Compensation System Photo MacGregor

MacGregor, part of Cargotec, has launched a new crane compensation system for offshore ship-to-ship load transfers, offering substantially larger operating windows as well as safer and faster load transfers.   "This robustly-tested technology can offer considerable commercial






 
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