Page 23: of Maritime Reporter Magazine (September 2011)

Sepember 2011www.marinelink.com 23If it wasn?t bad enough that demand in the shipping markets has not recovered, commodity price rises have put more than a little pressure on ship operatingcosts. Fleet owners and managers are cer- tainly feeling the squeee in 2011. Drewry has just published its latest an- nual analysis of ship operating costs, cov- ering 8 vessel sectors and over 5 different sies of vessel plus detailed op- erating budgets for a range of oil tankers, chemical tankers, gas carriers, dry bulk vessels, container vessels, ro-ro, general cargo and reefer vessels; making it the most comprehensive survey of this cru- cial area of vessel management. Paula Puset, managing editor com- mented, In 2010, vessel operating costs overall remained static. owever, in 2011 commodity price increases will push uplube, repair and maintenance costs. With some owners having to take additional in- surance cover for kidnap and ransom, overall costs are forecast to rise by be- tween and 6, depending upon ves- sel sector. SUMMA F E MAN FNDNS ManningThe key change here is that low market demand has kept wage levels down across the globe. This has also had the ef- fect of narrowing the gap between de- mand and supply for experienced seafarers ... a continual problem over the last few years. owever, as more new- builds come on stream, the gap will no doubt widen again forcing wages up. With the next STWC round as well as IO MC regulations cutting in next year, owners and managers will come under wage and staff cost pressure par- ticularly in the areas of travel, training and victualling.nsuranceIn M, premiums have barely risen. Vessel values have become more stable following the drop in recent years, the outlook points to premiums rising to re-flect the pressures the insurance market will find itself under following non-ma- rine related claims, such as the earth-quakes in New ealand and Japan. P& Coer In 2010 saw standard surcharges falling to an average .5. Stock markets rallied and so this had a positive effect on PI rates. The exception is the offshore sector where increases of up to 0 in PI rates have been reported. Deepwater orion has been the main cause and the problems this year. Excess loss reinsur- ance rates, on the other hand, were re-duced for all vessel categories. epairs & MaintenanceThe increase in commodity prices, par- Ship Operating Costs Under Immense Pressure