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Ship Operating Costs

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. 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.


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


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


Seacor Smit Announces First Quarter Results

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 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


Stolt-Nielsen Reports Improved Fourth Quarter

Photo: Stolt Tankers

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 Reports 1Q Results

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.


ACL 2008 4Q and Annual Results

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


USS Makin Island Electric Drive Propulsion

Photo courtesy Full Spectrum Communications

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


New Book: Cost Management in Shipbuilding

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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


MAN Extends High Speed Power Range

Image: MAN

MAN announced it will present a newly developed 12-cylinder V-engine for use in working vessels at the SMM 2014 trade fair in Hamburg, Germany. The German engine manufacturer will thereby extend the power range of its high-speed marine engines for heavy-duty operation up to 735 kW (1,000 hp).


APM Terminals to Sell Container Terminal in Virginia

Photo: APM Terminal Virgina

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


Nigerian Piracy Threatens UK Interests: New Report

Maritime Security Guard: Image courtesy of SAMI

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, LR Study Gas Turbines for Commercial Ships

Image: GE

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


Historic Navy Ship Baylander Shortly Open to New Yorkers

ex-USS Baylander: Photo credit Baylander

An historic U.S. Navy vessel that was originally deployed during Vietnam and later used to train U.S. helicopter pilots will temporarily dock at Pier 5 of Brooklyn Bridge Park (BBP) and for the first time be open for public tours. Free walk-up tours of the 'Baylander' are currently scheduled for


Ingalls Shipbuilding Awarded Navy LHA 8 Affordability Contract

LHA 6 USS America: Photo USN

Huntington Ingalls Industries' informs that its Ingalls Shipbuilding division has been awarded an affordability design contract for US$23.5 million for early industry involvement to reduce the construction and life-cycle cost for the amphibious assault ship LHA 8.


Shell suspends work on Canadian gas for transport facility

Royal Dutch Shell has suspended development of a liquefaction unit at Canada's Jumping Pound facility, which was to be used to develop the emerging gas for transport market. Gas liquefaction is increasingly being produced for use in transportation of large road vehicles, in trains


Schottel Shifts Focus Offshore at SMM

Schottel’s booth (stand 306, Hall A 4) at SMM 2014 (Photo: Schottel)

At SMM 2014 the German propulsion specialist Schottel presents new solutions focusing on offshore applications and hybrid concepts. The new underwater mountable azimuth thruster SRP 9000 LSU (4,800 – 5,500 kW) takes especially into account the tough conditions offshore and helps reduce


Evergreen Holds Naming Ceremony for New Ship

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Evergreen Group held the naming ceremony for Ever Loading, the sixth of its L-type vessels to be built by CSBC Corporation in Taiwan. The ceremony took place at CSBC's Kaohsiung shipyard and was officiated by Bronson Hsieh, Evergreen Group's Second Vice Group Chairman


Partners Sign Up for Marseilles Intermodal Project

Six partners led by the Marseilles Fos port authority have formed the Mourepiane combined transport terminal company (MTTC) to help finance and manage construction of the port’s long-planned intermodal upgrade development in the Marseilles harbor area.


Cargotec's January-June 2014 Interim Report

Cargotec's January-June 2014 interim report show that orders grew but operating profit was burdened by project cost overruns in Kalmar April-June 2014 in brief Orders received increased 19 percent and totalled EUR 993 (833) million. Order book amounted to EUR 2,285 (31 Dec 2013: 1


Tankship Market & Return of Contango: Analysis

Crude carrier: File picture CCL

This week, the Brent price curve moved into contango on what was reported to be short-term physical oversupply. In their latest 'Tanker Opinion', Poten & Partners consider whether this is likely to be a long-lasting change (“Contango” is a term used to refer to a commodity price


Discussion: Cruise Ship Waste Management

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Ship to Shore flexible Recycling DEERBERG-SYSTEMS sets the course for the future of waste management onboard cruise ships With a round table discussion in Hamburg, DEERBERG-SYSTEMS said it is addressing the questions of tomorrow gathering cruise lines, ship yards, ports and disposal companies


New Keel Cooling Option for Diesel Engines

Image: Volvo Penta

Volvo Penta of the Americas today announced the availability of a keel cooling option with D4 and D6 marine diesel engines to meet customer demands in the North American marine commercial market. Volvo Penta is now offering factory-built keel-cooled engines for the entire line of marine


Volvo Penta Offer D4, D6 Series Engine Keel Cooling Option

Marine Diesel D4 Engine: Image courtesy of Volvo Penta

Volvo Penta of the Americas has announced the availability of a keel cooling option with D4 and D6 marine diesel engines to meet customer demands in the North American marine commercial market. Details as follows: Volvo Penta is now offering factory-built keel-cooled engines for the entire line






 
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