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
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.