All vessel categories experienced an increase in total operating costs, but the increases were not as marked as in the previous year, when owners were using the cash generated by a period of strong freight rates to upgrade their ships. This year, overall operating costs in the tanker market, for example, were up by 5.4 per cent on a year-on-year basis, while a smaller increase - of 3.7 per cent - was recorded in the bulk carrier sector.
Moore Stephens Shipping Industry Group partner Richard Greiner says, "Although the percentage increases in total operating expenditure, overall, were down on the previous year, the significant increases shown in certain categories emphasise the need for owners and operators to keep a tight rein on costs.”