Vessel operating costs increased 1.1 per cent in 2018, and 0.7 per cent in 2017, after two years of declines, said London's Drewry Maritime Research.
According to its Ship Operating Costs Annual Review and Forecast 2018/19 report, such increases will be augmented by cost inflation that is to accelerate on higher insurance premiums.
Earlier years witnessed sharp reductions in operating expenses as the depressed state of shipping markets forced operators to slash costs as a means for survival. But as freight markets started to recover in 2017 so the pressure to reduce expenditure lifted, said Drewry.
"This trend continued into 2018, with a modest acceleration in cost inflation," said Drewry's director of research products Martin Dixon.
"Manning costs rose having previously stagnated, while insurance spend increased for the first time in six years on recovering asset values and insurance market hardening.
"Similarly, expenditure on stores and spares rose as earlier cost cutting opportunities waned, and repair & maintenance costs climbed as regular spend resumed on recovering freight markets," said Mr Dixon.
Source:HKSG Group
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