Wages Push Up Operating Costs

Thursday, September 26, 2002
Shipping accountant and business consultant Moore Stephens says a five per cent rise in crew wages last year has pushed up total operating costs for most types of ship. Unveiling OpCost 2002, Moore Stephens' operating cost benchmarking tool, Chris Chasty, head of the shipping group, says, "We have been able to see some clear trends in operating costs over last year. Almost all the ship types we cover have seen total costs rise, with the average about five percent. Much of that has been due to direct wage costs climbing." Increases in P&I costs and repair and maintenance bills also hit shipowners' operating costs, according to the report, although fluctuations for different ship types varied. The OpCost 2002 report is extracted from Moore Stephens' database of actual running costs of over 600 ships for the accounting year 2001. This year's report covers the seventeen most common vessel types, two more than last year following the addition of reports on OBOs and coastal vessels. Operating costs are shown for each vessel type, broken down into five main groups of crew costs, stores, repairs and maintenance, insurance and administration. This year's report also includes an analysis of changes since last year, and breakdowns of dry-docking costs, crew by region, lube oil costs by engine capacity and vessels by P&I club. Running cost information in OpCost is obtained on a confidential basis from shipping company clients of Moore Stephens, and from shipowners and managers who voluntarily submit accounts for inclusion. Clients receive free reports, voluntary contributors receive discounted reports, and the report is available for sale at $1,250 per copy. Special reports on details within the database can be tailored to individual needs. "This is a unique tool for benchmarking costs, forensic accounting and preparing or checking business plans," says Chasty. "This year our sample of vessels has grown by over ten per cent, and we have seen demand for its use grow strongly too. There is simply no other way for owners and managers to see if they are paying out the right amounts or not. This is real data, from real ships, and gives a real comparison."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Brown Named Bureau Veritas Communications Director

Nick Brown has been appointed Bureau Veritas’ new Communications Director, Marine & Offshore Division, the classification society announced.    Brown will take up the post from November 2,

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0829 sec (12 req/sec)