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Ship Operating Costs

DP World: Low Bunker Prices to Fuel Economic Growth

Photo courtesy of DP World

Falling ship operating costs and low bunker prices will translate into higher profitability fueling economic growth, says Dubai-headquartered DP World.   As bunker fuel prices drop, so too could shipping costs. Dubai-headquartered DP World says falling oil prices are good news for global shipping.  It plans to double investments this year, local media reports.   The Chairman of  DP World Sultan Ahmed bin Sulayem has stated that the fall in oil price may stimulate particular economies such as India and China who are among the most energy-dependent countries, relying on overseas producers for much of their oil needs. Crude oil prices are currently about half their level six months ago.   And world shipping is expected to be a key benefactor of such developments. In anticipation of such growth DP World is said to be planning investment of up to $1.9 billion in 2015 as part of a move to increase capacity by 14 percent.   The move could see DP World's capacity rise to 80 million twenty-foot equivalent units (TEU) throughput across terminals in Dubai, Turkey, Rotterdam, and India in 2015 and 100 million TEU by 2020.


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.


Working Toward a Low Carbon Future

Paul Floren (Photo: GE)

Recently, Pilita Clark, the Environment Correspondent at the Financial Times, wrote a very interesting article about a new report, ‘The New Climate Economy’, which I would highly recommend reading. The New Climate Economy was commissioned in 2013 by the governments of seven countries: Colombia, Ethiopia, Indonesia, Norway, South Korea, Sweden and the United Kingdom. Its reports are completely independent, and this latest one highlights some key recommendations which can help


Ship Operating Costs Down in 2014 -Moore Stephens

Photo: Andrew Aiello

Total annual operating costs in the shipping industry fell by an average of 0.8 percent in 2014, said international accountant and shipping consultant Moore Stephens. This compares with the 0.3 percent average fall in costs recorded for 2013. All categories of expenditure were down on those for the previous 12-month period, confirming that ship owners and operators continued to manage costs sensibly and to watch their cash carefully in 2014.  


Dry Bulk Drought: Asia Rates Fall

(Photo - Vale do Rio Doce)

Rates for capesize bulk carriers on key Asian routes could continue to fall next week in the absence of major charterers although lower freight rates could tempt top iron ore miners back into the market and potentially buoy rates, brokers said. Charterers, including Vale, BHP Billiton and Fortescue Metals, kept out of the market on Thursday, shipbrokers said. "Without the likes of Vale and Rio Tinto in the market, rates are not going to rise


Shippers Must Reduce Costs, Boost Efficiency

Michael Wilson

So what’s keeping ship operators awake at night these days?  Plenty, it seems. Sluggish recovery from a lingering worldwide recession, unsustainable debt loads, endemic overcapacity in most shipping trades, punishing freight rates, rising costs of fuel and regulatory compliance and a lingering sense that ships are not running as efficiently as they could.  The last two topics – reducing fuel costs while complying with emission regulations and improving ship operating


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


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


China Shipbuilders may Merge to Stay Afloat

Picture by China COSCO Container Shipping

 The China's four state-run shipping-related companies  are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media.   The chances of mergers between China Ocean Shipping, China Shipping Container Lines, Sino Trans & CSC Holdings and China Merchants Group  has improved as they now suffer in a lackluster business climate, the Chinese-language Securities Daily reports.  


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


Ethane Carrier GasChem Beluga Named

GasChem Beluga, pictured on the River Tees for its naming ceremony, is an eco-friendly sea vessel that will carry shipments of ethane gas from Houston in the U.S. to SABIC’s Olefins Cracker on Teesside. (Photo: SABIC)

A new liquefied ethylene gas carrier (LEG) was named on Teesside today.   Operated by German shipping company Hartmann Reederei and GasChem Services, the new eco-friendly sea vessel GasChem Beluga will carry shipments of ethane gas from Houston to SABIC’s cracker at Wilton on Teesside


Daewoo Shipbuilding books first Quarterly Profit in 4 years

File Image (CREDIT: AdobeStock / (c) Burnel11)

South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd posted its first quarterly profit in more than four years on Thursday, as on-time delivery of higher-margin vessels as well as cost-cutting measures helped the bottom line.  


White Paper Addresses Bilge Water Noncompliance

Photo: Alfa Laval

A new white paper from Alfa Laval addresses ship owner concerns to ensure vessel compliance with bilge water regulations worldwide. Even if a traditional system with type approval is operating on board, the paper states, there are still risks of violating applicable laws and damaging the marine


Navios Maritime Acquires One Capesize Vessel

Image: Navios Maritime Partners

 Navios Maritime Partners, an international owner and operator of drybulk and container vessels, announced that it has agreed to acquire one 2010-built Capesize vessel of 178,132 dwt for a purchase price of $27.5 million.   The vessel is expected to be delivered to Navios Partners'


Polarcus Amani Delivered to Sovcomflot

Polarcus Amani (Photo: Polarcus)

 A 5.5 year bareboat charter agreement between Polarcus Limited Norwegian subsidiary Polarcus Amani AS and SCF GEO AS (Sovcomflot) has been signed, and the vessel delivered to Sovcomflot in Bergen.   The vessel was delivered without streamers


New Horizons: Cruise Industry Challenges & Solutions for 2017

Image: GE

Approximately 130 million Chinese citizens travel internationally, making China the world’s largest outbound travel market in the world. With one-sixth of the world’s population, many recognize this country as a market with huge potential.  


Rickmers Sells Entire Containership Fleet to Navios

CMA CGM Azure (Photo: Rickmers Maritime)

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has reached an agreement to acquire Rickmers Maritime’s entire containership fleet. The deal, worth about $113 million, will see Navios Partners acquire 14 container vessels from Rickmers Maritime


The Future (of Maritime) Care

© XtravaganT  / Adobe Stock

For more than 15 years Christina Desimone has driven Future Care to be a transcendent maritime medical care enterprise. While the company fully embraces technology and the advent of telemedicine, it ventures far beyond traditional maritime medical solution providers


IMO 2020: The Future of Fuel

Shell’s gas-to-liquid (GTL) Technology is used to produce high-performance lubricants: pictured is the company’s production facility in Qatar. (Photo: Shell)

IMO 2020 sulfur cap: lube producers take a pragmatic approach   There has been little reaction by way of statements or position papers from marine fuel lubricant manufacturers to the IMO MEPC70 proposals for a global fuel sulfur content cap of 0


Daewoo Shipbuilding unlocks $2.6 bln Bailout

File Image (CREDIT: AdobeStock / (c) Carabay)

Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end.   South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity


Hybrid Electric Drives for USCG OPC Newbuilds

Leonardo DRS, Inc. has been awarded a contract by Eastern Shipbuilding to provide hybrid electric drive systems for the U.S. Coast Guard’s new fleet of Offshore Patrol Cutters. The contract, for the first nine systems, is worth $10.7 million


Krill Expands Energy Monitoring Lineup

Krill Systems Inc. said it has completed its phase 2 product development cycle with the recently introduced Krill Regasification Monitoring Center (KRMC).   Krill identified this phase of its business plan as the ability to supply a comprehensive range of energy monitoring products which


‘Natural Gas Operating Fleet’ Concept Receives AiP

Sanjay Verma, Wärtsilä; Jim Smith, Lloyds Register; and Zhao Zhijian, CHI with the Natural Gas Operating Fleet concepts AiP Certification (Photo: Wärtsilä)

Wärtsilä and COSCO shipping Heavy Industry Co (CHI) have announced the joint development of a natural gas operating fleet concept, and this design has now obtained Lloyd's Register's (LR) Approval in Principle (AiP) certificate. The development project was carried out under the terms of


Unusual Sea Chest Blanks for Teekay FSO

Photo: Miko Marine

Teekay's Randgrid is currently undergoing a major conversion into a floating storage and offloading (FSO) vessel with work that includes the installation of an internal turret mooring system.   Oslo-based Miko Marine said it has delivered four unique magnetic sea chest blanks for use during


India, China Navies Thwart Somali Pirate Attack

A Chinese navy ship supported by an Indian navy helicopter thwarted an attack by suspected Somali pirates on a Tuvalu-flagged merchant ship, India's defence ministry said on Sunday.   The ship, known as OS 35, was reported to be under attack on Saturday.  






 
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