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
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
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.
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
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
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.
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
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
Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended June 30, 2014. Highlights for the Second Quarter and Half Year Ended June 30, 2014:
Parker Kittiwake explains why frequent condition monitoring is the most effective measure in combating the recent cold corrosion phenomenon The recent trend in favoring newer generation engines which offer improved fuel consumption by using a longer stroke reflects the marine industry’s
BP today announced its financial results for the second quarter of 2014. Underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34% higher than the $2.7 billion reported for the same period in 2013 and 13% higher than the $3
The Delaware pilots association has ordered its third pilot boat of the popular Chesapeake class from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery of the new 53-footer is scheduled for 2015, and will mark the sixteenth of this class built by the Somerset, Mass
Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said it would sell a big U.S. container terminal to infrastructure investor Alinda Capital Partners and a British private pension fund. The companies, in a joint statement on Tuesday
The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.3bn of trade with the region is put at risk by being moved through the high maritime crime
GE Marine and Lloyd’s Register Sign Memorandum of Understanding to Collaborate on Applying Gas Turbines to Power Commercial Ships GE Marine and Lloyd’s Register report they have signed a Memorandum of Understanding (MOU) to identify potential gas turbine-powered commercial ship
As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your insurance coverage is not likely to be among your top priorities. However, what if the unthinkable happens and your docks and piers are
Cost Effective Solution for Fuel Saving and Emission Control A turbocharger’s efficiency significantly influences diesel engine performance. For example, a turbocharger (TC) efficiency increase of one percent results in the following improvements, under constant engine power:
The American Waterways Operators, a 350-member trade association representing the U.S. tugboat, towboat and barge industry, announced today that it joined the SmartWay Transport Partnership, an innovative collaboration between the U.S. Environmental Protection Agency and stakeholders in the
Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.8 million in the previous corresponding quarter, which they say is in line with the Group’s rationalisation of
Naval Sea Systems Command (NAVSEA) was recently announced as the winner of three fiscal year 2013 Department of Defense (DoD) Value Engineering Achievement Awards. Value engineering is DoD's effort to continually analyze defense organizations, facilities
Liquefied Natural Gas Limited today announced that it has significantly expanded its presence in the North American Liquefied NaturalGas (LNG) sector by signing an agreement to acquire 100% of Bear Head LNG Corporation (BHLC)from a subsidiary of Anadarko Petroleum Corporation (Anadarko) for
Global container carrier Evergreen Line announced enhancements to its services to/from Dublin (Ireland) and Liverpool (Northwest England). From its hub in Rotterdam, the line will offer a twice-weekly service to Dublin and dedicated slots on a weekly basis to Liverpool.
Are shipowners prepared to enter SECA zones? Due to existing regulations on air exhaust emissions from the International Maritime Organization (IMO), and with the European Union working towards an alignment with IMO MARPOL Annex VI, the marine industry will need to choose a path on how to