Moore Stephens Shipping News

Accountant and shipping adviser Moore Stephens says shipping will continue to attract investors in 2019 if it fulfills its ESG (environmental, social and governance) responsibilities.In the latest issue of Bottom Line, the Moore Stephens shipping sector newsletter, Richard Greiner, a partner in the firm’s Shipping & Transport team, says, “It has been suggested that the future is very much like the present, only longer. Should that prove to be the case for the shipping industry…

Shipping confidence dipped slightly in the three months to end-November 2018, according to the latest Confidence Survey from international accountant and shipping adviser Moore Stephens.The average confidence level expressed by respondents fell to 6.0 out of a maximum  score of 10.0, compared to the 6.3 recorded in August 2018.Confidence on the part of all main categories of respondent was down, with the exception of brokers, where the rating increased from 4.9 to 5.2. Owners’ confidence fell to 6.4 from 6.8, which was originally the second highest achieved by this category of respondent in the life of the survey. The confidence rating for managers, meanwhile, was down from 6.2 to 6.0 and that for charterers from 7.0 to 6.8.

International accountant and shipping adviser Moore Stephens expects optimism to triumph over pessimism in the shipping industry during the next 12 months. Writing in the latest issue of Bottom Line, the newsletter of the Moore Stephens shipping industry group, partner Richard Greiner says, “According to a recent study, pessimists live longer than optimists, and shipping is short of neither. But the industry has always valued longevity as well as new blood, and it certainly ended 2017 in more optimistic mood than it closed the previous year. “Oscar Wilde said it is always best to borrow money from pessimists, because they won’t expect it back.

Total annual operating costs in the shipping industry fell by an average of 1.1 percent in 2016, says international accountant and shipping consultant Moore Stephens. This compares with the 2.4 percent average fall in costs recorded for 2015. For the second successive year, all categories of expenditure were down on those for the previous 12-month period, most notably for insurance costs and stores. The findings are set out inMoore Stephens’ ship operating costs benchmarking tool OpCost 2017…

Shipping confidence improved for the third successive quarter in the three months to end-November 2016, says a report by Moore Stephens, an accounting and advisory network in UK. In November 2016, the average confidence level expressed by respondents was 5.6 out of 10.0, equalling the highest rating since August 2015. All main categories of respondent were more confident than in August 2016, when the overall rating was 5.4. Charterers’ confidence this time increased by 2.0 points, to 6.8, the highest figure in the life of the survey for such respondents. The confidence of owners was up from 5.3 to 5.4, of brokers from 4.5 to 5.6, and of managers from 6.0 to 6.4. The survey was launched in May 2008 with an overall confidence rating of 6.8.

Shipping confidence, notably on the part of charterers and managers, improved for the second successive quarter in the three months to end-August 2016, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. In August 2016, the average confidence level expressed by respondents was 5.4 on a scale of 1 (low) to 10 (high). This is an improvement on the 5.1 recorded in May 2016, and the highest rating for the past nine months of the survey, which was launched in May 2008 with a confidence rating of 6.8.

Not enough companies in the shipping industry are following joined-up risk management procedures, according to international accountant and shipping adviser Moore Stephens. The second annual Moore Stephens Shipping Risk Survey revealed a fall, when compared to last year, in the overall level of satisfaction on the part of respondents that sound risk management had contributed to the success of their organisations. The involvement of senior management in managing risk at the highest level also declined against last year. Respondents to the survey rated the extent to which enterprise and business risk management is contributing to the success of their organisation at an average 6.6, on a scale of 1 (low) to 10 (high), compared to 6.9 last time.

A survey by leading accountant Moore Stephens has revealed that over three-quarters of owner-managed businesses (OMBs) in the UK operating in the shipping and transport sector are confident about their prospects for 2016. The survey revealed that, despite facing a number of major challenges and risks, shipping and transport (S&T) OMBs were particularly focused this year on training staff, expanding their UK customer base, investing in new technology and pursuing cost-reduction initiatives. The survey analysed responses from UK-based OMBs, and revealed that 78% of S&T OMBs were confident about the general outlook for 2016, with 71% expecting to hit their revenue targets for the year.

The shipping industry is expected to remain volatile and indispensable in 2016, says International accountant and shipping adviser Moore Stephens. Moore Stephens shipping partner Richard Greiner says, “The ultimate definition of an optimist has been characterized as an accordion player with an answerphone. Such extreme optimism might be difficult to find in shipping today, but the portents for 2016 are not all bad. “The Baltic Dry Index, a measure of shipping rates for everything from pins to elephants, dropped to an all-time low in December last year, and has fallen still further this month.

Overall confidence levels in the shipping industry fell in the three months to November 2015, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. The average confidence level expressed by respondents in the markets in which they operate was 5.6 on a scale of 1 (low) to 10 (high). This compares to the 5.9 recorded in August 2015. The survey was launched in May 2008 with a confidence rating of 6.8. All main categories of respondent recorded a fall in confidence this time, most notably charterers (down from 6.5 to 5.5).

The survey responses, gathered primarily from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia, revealed that vessel operating costs are expected to rise by 2.8 percent in 2015 and by 3.1 percent in 2016. Crew wages are expected to increase by 2.4 percent in 2015 and by 2.3 percent in 2016, with other crew costs thought likely to go up by 2 percent and 1.9 percent, respectively, for the years under review. The cost of repairs and maintenance is expected to escalate by 2.3 percent in 2015 and by 2.4 percent in 2016…

Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry, a survey by Moore Stephens, a London-based consulting firm finds. Overall confidence level fell to 5.3 on a scale of 1 to 10 in the three months to May, the lowest point since the survey was launched in May 2008. This news comes despite a booming period of growth for the container industry, with the top carriers seeing some of the highest profits they have ever experienced in the last few months. Respondents complained predominantly about low freight rates and ‘overtonnaging’, while some expressed continuing doubts about private equity funding.

Levels of sound enterprise and business risk management are currently satisfactory in the shipping industry, a new survey from Moore Stephens has revealed. But the international accountant and shipping adviser warns that companies that fail to embed effective risk management procedures into their daily activities are likely to pay a high price in today’s tightly regulated and highly competitive industry. The inaugural Moore Stephens Shipping Risk Survey, which will be updated annually, sought to gauge how effectively enterprise and business risks are being managed in the shipping industry, and to analyze how key risks are being handled by companies.

International accountant and shipping adviser Moore Stephens says the time is right for shipping to seek financial backing from the private equity sector to help fund investment in innovative products and services designed to keep the industry competitive and achieve regulatory compliance. Alison Jarabo of maritime efficiency specialist Fathom Shipping told the recent Moore Stephens Opportunities in Shipping Services seminar in London that regulation and the need to control costs were the two main factors driving the growth of technology in the shipping industry.

International accountancy firm Moore Stephens says the shipping sector should approach private equity (PE) providers for funding to support the ‘significant investment’ in technology and services needed to achieve compliance with environmental regulations and to maintain competitiveness. Private equity investors who have a firm grasp on the potential risks and rewards available in today’s shipping services sector could be a good match for well-founded shipping services and technology providers who have a clearly identified market for their products, says Moore Stephens shipping partner Richard Greiner. Indeed, it could be argued that recent developments have created something of a perfect storm to bring the two together, he added.

International accountant and shipping adviser Moore Stephens said today that companies in the offshore maritime sector need to keep a close watch on costs and manage their exposure to risk in the wake of the dramatic fall in oil prices. “It is remarkable how quickly the dramatic fall in oil prices has fed through to increasing levels of financial stress in the oil and gas services industry, where the sudden drop to around $50 a barrel is triggering cost-cutting across much of the sector…

International accountant and shipping adviser Moore Stephens says shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015. Moore Stephens shipping partner Richard Greiner says, “Shipping confidence started 2014 on a six-year high and ended it on a two-year low. It is difficult to predict with any certainty what the next 12 months will bring, beyond further uncertainty. To paraphrase an old adage, shipping goes into 2015 needing to accept the things it cannot change, to change the things it can change, and to make sure it understands the difference between the two. “Top of the list of things which shipping cannot change is the relentless march of regulation.

Overall confidence levels in the shipping industry fell during the three months to November 2014 to their lowest level for two years, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. The survey revealed increasing concern about the high cost of achieving compliance with new regulations, and ongoing doubts about overtonnaging. But it was not all bad news, with charterers, managers and brokers all more confident than they were three months previously of making a new investment over the coming year.

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. Those responses revealed that vessel operating costs are expected to increase by 2.9 per cent in both 2014 and 2015, with crew wages and repairs & maintenance the cost categories likely to increase most significantly. Crew wages are expected to increase by 2.4 per cent in 2014 and by 2.6 per cent in 2015, with other crew costs thought likely to go up by 1.9 per cent and 2.1 per cent respectively for the years under review.

International accountant and shipping consultant Moore Stephens said total annual operating costs in the shipping industry fell by an average of 0.3 percent in 2013. This compares with the 1.8 percent average fall in costs recorded for the previous year. Crew costs was the only category this time to show an increase over the 12 month period, indicating that ship owners continued to focus on managing costs and conserving cash in 2013. The findings are set out in OpCost 2014, Moore Stephens’ ship operating costs benchmarking tool…

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. They are, however, still higher than at the corresponding period twelve months ago, and confidence among charterers actually reached a six-year high. The amount of anticipated significant new investment over the next twelve months was down over the three-month period…

“Think of a number. Any number will do, so long as it is very big. Then double it. The answer is likely to be as accurate as any supposedly informed estimates currently circulating in the shipping sector about the likely size of the industry’s bill for achieving compliance with incipient environmentally-inspired regulations governing the operation of ships," Maritime London quotes Moore Stephens shipping partner Michael Simms as saying. Finding enough money to remain compliant with environmental regulation is going to be a challenge for shipowners and operators over the next few years, according to international accountant and Maritime London member Moore Stephens.

International accountant and shipping adviser Moore Stephens said that finding enough money to remain compliant with environmental regulation is going to be a challenge for shipowners and operators over the next few years. Moore Stephens shipping partner Michael Simms said, “The Ballast Water Management (BWM) Convention, for example, has not yet entered into force, although some countries, including the United States, have already implemented BWM regulations independently of the IMO.