Vessel operating costs will rise 3.8 percent this year and 3.7 percent in 2012 on higher crew and maintenance expenses, according to Moore Stephens LLP.
Lubricants and crew wages are leading increases, set to climb 3.6 percent and 3.1 percent this year, respectively, the accounting firm and shipping consultant said today in an e- mailed report. The estimates are based on a survey of ship owners and managers in Europe and Asia, it showed.
“These projected increases are nowhere near the increases we saw in the 2000s,” Richard Greiner, shipping partner at Moore Stephens, said in the report. “They point to a less volatile period for operating costs. But any increase in costs is going to be a problem for a shipping industry struggling with overtonnaging, declining freight rates, and the cost of regulatory compliance and environmental accountability.”
To contact the reporter on this story: Isaac Arnsdorf in London at firstname.lastname@example.org
To contact the editor responsible for this story: Alaric Nightingale at email@example.com