Vessel operating costs expected to rise
Vessel operating costs are expected to rise by 2.9% in both 2014 and 2015, according to a new survey by the international accountant and shipping consultant Moore Stephens. Crew wages, repairs and maintenance have been identified as the cost categories likely to increase most significantly.
Crew wages are expected to climb by 2.4% this year and by 2.6% in 2015, with other crew costs thought likely to go up by 1.9% and 2.1% respectively for the years under review. The outlay for repairs and maintenance, meanwhile, is expected to escalate by 2.3% in 2014 and by 2.4% in 2015
P&I insurance costs are expected to go up by 2% in 2014 and by 2.2% in 2015, this compared to the increases of 1.6 and 1.8% respectively predicted for the expenditure on hull and machinery insurance.
