P&I Rises Hit Operating Costs

Tuesday, September 16, 2003
Shipping accountant and business consultant Moore Stephens says an average 25 per cent rise in P&I calls last year has pushed up total operating costs for most types of ship. Unveiling OpCost 2003, Moore Stephens' operating cost benchmarking tool, Chris Chasty, head of the shipping group, says, "Owners' operating costs have risen about 1.3 per cent overall for most ship types. Two big factors made the most impact. These were crew wages, up over 6 per cent, and P&I calls, up a massive 25 per cent." A general decrease in lube oil costs helped keep the rise in total operating costs down. There were variations across ship types with, in general, the largest ships seeing the largest percentage rise in operating costs. Chasty says, "This year's report is built on data from almost thirty per cent more ships than last year, and we have been able to increase the classes of vessels we report on as more owners contribute data. This is a unique resource, and this year we have used it on some significant projects. 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 benchmark." The OpCost 2003 report is extracted from Moore Stephens' database of actual running costs of over 800 ships for the accounting year 2002. This year's report covers eighteen vessel types, more than last year following the addition of reports on new size brackets of containerships, and splitting coastal vessels into tanker and dry cargo types. Operating costs are shown for each vessel type, with twelve cost categories split across five main groups of crew costs, stores, repairs and maintenance, insurance and administration. OpCost data is obtained confidentially from shipping company clients of Moore Stephens, and from shipowners and managers who submit accounts for inclusion. The report is available for sale at US$500 per copy, but clients and voluntary contributors receive free reports. Special reports using details within the database can be tailored to individual needs.

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