The vessel operating parameters and costs were based on [19, 21]. Then again, we have seen before how difficult it can be to make premium increases stick, particularly in the commercial market. The movement in yet others, such as the cost of fighting cyber-crime, can only be guessed at for the moment. 2. Drewry: Vessel operating costs surge in 2020 amid COVID-19 impact; TECH FILE: OSG Taps OneTank for BWT Solution for Fleet; UN calls for seafarers to be designated as key workers to resolve crew change crisis Crew quality is a rising concern among shipowners, operators, and managers. Skilled workers will increase the overall operational efficiency of the ship, while inadequate training can cause accidents and mental disorders. Drewry estimates that average daily operating costs across the 47 different […] Vessel operating costs have risen at their fastest pace in over a decade this year, on higher insurance cover premiums and Covid-19 related expenses, according to … “There were some interesting predicted cost increases in the individual market sectors. Finance costs featured in second place at15%, compared to  18% last year. Next came competition, down from 15% to 13%, followed by demand trends (12%) and labour costs, (11%), compared to last year’s figures of 10% and 8% respectively. Operating costs – Container ship OpCost 2017 Daily Rate US$ Year on year change (%) Feedermax(100-1,000 TEU)4,372 -0.9 Container Ship (1,000-2,000 TEU)5,172 0.0 Main Liner (2,000-6,000 TEU)6,830 -0.6 Weighted average-0.6 Source: Moore Stephens OpCost 2017 Richard Greiner, Partner, Shipping & Transport at BDO, says: “The predicted 2.5% and 2.7% increases in operating costs for 2019 and 2020 respectively compare to an average fall in actual operating costs in 2018 of 1.8% across all main ship types recorded in the recent BDO OpCost study. Handysize Daily Vessel Costs Blended US$7,300 (FY2015: US$7,930) (excluding overheads) The cost of owning and operating dry bulk ships is the major component of our Group’s total costs, and our ability to maintain good control of our “daily vessel costs” has a significant bearing on our operating margins and our financial performance overall. With the increase of technologies and complexities, it is all the more necessary for highly-skilled workers. The cost of both dry docking and of repairs and maintenance is expected to increase by 1.8% in 2019 and by 1.9% in 2020, while expenditure on crew wages is predicted to rise by 1.9% in 2019 and by 1.8% in 2020. Pandemic drives up vessel operating costs 10/12/2020 Drewry estimates that average daily operating costs across the 47 different ship types and sizes covered in the report jumped 4.5% in 2020, compared to underlying increases of 2% and 2.5% respectively in the previous two years. Drewry estimated that average daily operating costs averaged out across the 47 different ship types and sizes covered in the report had risen by 4.5% this year. In an OECD country, where 90 percent of the naval activities and maritime patrols are fishery related, the navy estimates the average direct operating cost per vessel patrol day at US$7 500 (65 m minesweeper). The shipping industry has been evolving over the years, making it far more complex and expensive than ever before. Vessel operating costs are expected to rise in both 2017 and 2018, according to the latest survey by international account and shipping consultant Moore Stephens. Retaining seafarer’s as part of the crew requires looking into their onboard satisfaction and wellness even during the downtime. “Shipping faces some major challenges over the next two years as it seeks to position itself as an environmentally-aware, technically-savvy industry. Vessel-operating costs continue decade-long decline Business consultancy BDO has unveiled the results of its OpCost 2019 survey, which shows that costs have fallen for bulkers, tankers and container ships. ... Operating costs for container ships, meanwhile, are expected to rise by 3.0% in 2020, and for bulk carriers and tankers by 2.7% and 2.1% respectively. Vessel operating costs are expected to rise in both 2015 and 2016, according to the latest survey by international accountant and shipping consultant Moore Stephens, which found cost … Crew costs are likely to go up rather than down in the short term. Those responses revealed that vessel operating costs are expected to rise by 1.9% in 2016 and by 2.5% in 2017. This number is why ship biofouling may need to b... Norwegian Carbon Capture Shipping Storage proposal set ... My cluster: personal insights inside Cyprus. The predicted overall cost increases for 2019 were highest in the container ship sector, where they averaged 3.7%. Responses to the firm’s latest annual Future Operating Costs Survey revealed that insurance is the cost category likely to increase most significantly in both 2019 and 2020. The movement in some costs is easier to map and predict than in others. Drewry is an independent maritime research consultancy offering market insights and advisory services to senior stakeholders across the global shipping industry. Written by Ship Inspection. Vessel operating costs expected to rise in 2019 and 2020 International accountant and shipping adviser BDO say total operating costs in the shipping industry are expected to rise by 2.5% in 2019 and by 2.7% in 2020.. Docking costs are a significant cost factor in Wilson’s vessel operation. Crew travel is big and complex business. Vessel operating costs are expected to increase in both 2017 and 2018, according to the latest survey by international account and shipping consultant Moore Stephens. A robust travel policy properly implemented ensures safety, health, comfort, and security, bringing about cost efficiency for shipowners. “Finance is available for viable projects, but will not come cheap. These issues and the maintenance tasks can be alleviated if the crew are well prepared and planned. The cost of hull and machinery insurance for container ships is predicted to increase by 4.8% in 2019 and by 3.3% in 2020. The cost of operating effectively and profitably in the modern shipping industry must be met chiefly by revenues generated from day-to-day operations. 21st August 2020 28th April 2020 by John Wills. 1,442. The vessel operating expense for … Crew Management & Payroll Stores & Procurement Management Planned Maintenance Quality & Safety Management Crew Work and Rest Hours Crew Competence Management System Scenario Planning, HEAD OFFICE 105, 1st Floor, Sheeba CHS (Next to Atlanta Tower) Sahar Road, Kabir Nagar, Andheri East Mumbai 400099, India, SALES SBN Techno Logics Pvt Ltd 140 DD Mile Stone, Kadavanthara Kochi 682 020, Kerala, India Phone: +91 484-4058252 / 53, UAE SBNtex (FZE) SAIF plus, Q1-09-027/C P.O. Without these, seafarers will look elsewhere. Lean Marine to fit smart propulsion automation technolo... Services resume at IMO after cyber attack. From repair and maintenance costs to marine insurance, there are so many elements that make up a cargo vessel's operating costs. It must expect fluctuations in the level of operating costs caused by a variety of factors ranging from movements in oil prices to shifts in levels of manpower, from fluctuations in the value of the dollar to the ramifications of geopolitical developments around the world. International accountant and shipping consultant Moore Stephens says total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey. Skimping on crew costs by ship owners would be an unwise move on their part. Meanwhile, projected increases in lubricants are 1.6% in each of the two years under review, while those for stores ae 1.3% and 1.4% respectively. This compared to underlying increases of 2% in 2018 and 2.5% in 2019. With the increase of technologies and complexities, it is all the more necessary for highly-skilled workers. Vessel operating costs have risen at their fastest pace in over a decade this year, on higher insurance cover premiums and COVID-19 related expenses, UK-based shipping consultancy Drewry said. The cost of regulatory compliance was high on the list of concerns cited by respondents to the survey. What do you think?-3 points Upvote Downvote. Marlink remains largest retail VSAT service provider in... More ballast water deadlines add to bottleneck. International accountant and shipping adviser BDO says total operating costs in the shipping industry are expected to rise by 2.5% in 2019 and by 2.7% in 2020. Current indications are that the influence of such factors is declining and on their own they are unlikely to be enough to stay ahead of the game in the coming years. A graphic distribution of the costs included in vessel operation is given to the right. “One year ago, overall expectations of operating cost increases for 2019 averaged 3.1%. And, perhaps most significantly of all, insurance outgoings are predicted to rise over the next two years at a rate not seen for some time. The reasons for this are not entirely clear, but may involve the recent deterioration in technical performance by both the protection and indemnity clubs and hull and machinery underwriters, which could in turn lead to a firming of the rates which owners are required to pay. Many translated example sentences containing "vessel operating costs" – German-English dictionary and search engine for German translations. “It is clear that shipping is well aware of the need to achieve regulatory compliance on a scale not previously envisaged or encountered by previous generations of the industry. Successful companies are adopting ways to make smarter decisions to increase efficiency and reduce costs. The highest vessel operating expenses per DWT are incurred by Frontline (FRO) and Tsakos Energy Navigation (TNP), at $7 per DWT. Browse and manage your votes from your Member Profile Page. By categorizing the costs and understanding the drivers behind each category, we identify the innovative solutions for optimizing vessels operating expenses. Predicted cost increases in the bulk carrier market in 2019, meanwhile, were 2.3%, as opposed to 2.5% in the tanker market and 2.6% in the offshore sector. The daily vessel operating costs for open carriers has increased by 4.5% in 2020, according to an estimate from Drewry, which took 47 different ship sizes and types into consideration. Handysize Daily Vessel Costs Blended US$7,870 (FY2014: US$8,750) (excluding direct overheads) The cost of owning and operating dry bulk ships is the major component of our Group’s total costs, and our ability to maintain good control of these “daily vessel costs” has a significant bearing on our operating margins and our financial The survey, based on responses from key players […] Repairs and maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. PRESS RELEASE – Vessel operating costs have risen at their fastest pace in over a decade this year due to higher insurance cover premiums and Covid-19 related expenses. Operating costs for container ships, meanwhile, are expected to rise by 3.0% in 2020, and for bulk carriers and tankers by 2.7% and 2.1% respectively. Vessel operating costs expected to rise in 2019 and 2020 31st October 2019 0 1176 International accountant and shipping adviser BDO says total operating costs in the shipping industry are expected to rise by 2.5% in 2019 and by 2.7% in 2020. The three main components in vessel operating costs or OPEX are cost optimization, cost estimation, and cost control. Vessel operating costs. The three main components in vessel operating costs or OPEX are cost optimization, cost estimation, and cost control. All Ship Owners, Managers, and their departments are being mindful of costs in these challenging times. Underlying vessel operating cost inflation accelerated moderately in 2019 on higher repair & maintenance and insurance spend, while costs are expected to continue rising at a similar pace in 2020, according to Drewry’s latest Ship Operating Costs Annual. Another respondent observed that rising wage costs now represent a real threat to business models, while another anticipates a stronger dollar in 2019/2020, which will affect the main cost of paying seafarer wages. Copyright © 2020, SBN Technologics and/or its subsidiaries or affiliates. These inspections or maintenance are made easier with software that ensures safe, efficient management techniques for reliable and cost-effective solutions. By way of comparison, increases in protection and indemnity and hull and machinery insurance costs in the tanker sector for 2020 are predicated at 1.3% and 1.2% respectively. Yet, they are expected to moderate in subsequent years as pandemic related spend unwinds, reports Drewry. Print; Share; WILSON ASA | Bradbenken 1, P.O. The costs are expected to moderate in subsequent years as pandemic related spend unwinds, according to Drewry’s Ship Operating Costs Annual Review and Forecast 2020/21 report. “Experienced owners and managers are well-used to optimising operating cost efficiencies, with one respondent in the survey noting how for some years now the combination of a soft insurance market, cheaper finance and a decline in crew costs had helped to keep operating cost increases below 2% over the past eight years. Repairs & maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. Box 120892, Sharjah, UAE, Shipmate Planned Maintenance System is Class Certified. Higher insurance payments and costs associated with the pandemic are driving the increased expenses, the consultancy said in a release. We also provide expert advice on the OPEX estimation for various types of assets, to financial institutions and investors, and benchmarking exercises for various costs categories. Crew costs were the other factor uppermost in the minds of respondents. The movement in others still, such as the cost of regulation, is becoming easier to predict as implementation deadlines draw ever closer. A cleaner, greener and more efficient shipping industry will ultimately impact favourably on both operating costs and investor appetite. Seafarers want family healthcare benefits, paid on time, training, and career progression. There have certainly been a number of recent indications that the prolonged soft insurance market conditions in both the commercial and mutual sector may soon start to change. This is only the third time that the cost of new regulations has been included in our Future Operating Costs Report, but for the second successive year it has emerged as the factor deemed most likely to have a significant influence on operating costs. Whether you are a CEO, CFO, Charter, or Operator, there is increasing pressure to reduce costs to ensure business stability. One respondent said 2020 is “all about environmental regulations and the demand for – and cost of – fuel.” Elsewhere it was noted, the shipping market “will be dominated by the cost of new regulations, not least that relating to compliance with the IMO Sulphur 2020 regulation”. They added: “The market is being eroded by capital providers and hedge fund managers who shun efficiency in favour of scale.”. But, perversely, the process of attaining environmental and technical proficiency will add to such costs in the shorter term. Vessel operating costs are the expenses for running ships or other assets. “Manning will continue to be a painful area for ship operators,” said one commentator. Shipping to join EU ETS and get a lot more visible. Improved fuel efficiency, economies of scale, and automation in port operations all help to reduce environmental and financial costs (see chapter 2). Three integral business processes to keep in mind when running a shipping company are costs estimation, costs optimisation and costs control. However, the drive to invest in lower operating costs may “Shipping and its regulators have demonstrated their ongoing commitment to improving the industry’s carbon footprint, but it is clear that this will come at a price, as will the continuing drive towards greater innovation and technical excellence. For an inside look into the costs associated with running a cargo ship, marine engineer Aaron Wens of Virginia Beach, Virginia provides his insight below. Vessel operating costs have risen at their fastest pace in over a decade this year, on higher insurance cover premiums and COVID-19 related expenses, but are expected to moderate in subsequent years as pandemic related spend unwinds, according to the latest Ship Operating Costs Annual Review and Forecast 2020/21 report published by global shipping consultancy Drewry. Skimping on crew costs by ship owners would be an unwise move on their part. Next article Under a voyage charter, which party is responsible for the ship’s running costs (or vessel operating expenses) and voyage costs? Responses to the firm’s latest annual Future Operating Costs Survey revealed that insurance is the cost category likely to increase most significantly in both 2019 and 2020. 3 Ways to Reduce Vessel Operating Expenses. In the case of protection and indemnity insurance, the predicted increase is 2.0% for each of the years under review, while hull and machinery insurance costs are expected to rise by 1.9% in both 2019 and 2020. But this must be tempered by the knowledge that some significant items of big-ticket expenditure – notably those relating to the cost of complying with new regulations – are waiting in the wings. The cost of repairs and maintenance is expected to increase by 1.7% in 2016 and by 1.9% in 2017, while expenditure on spares is predicted to rise by 1.7% in 2016 and by 1.8% in 2017. Who are the stakeholders involved in vessel maintenance? Overall, 25% of respondents (up from the figure of 23% recorded in last year’s survey) identified the cost of new regulation as the most influential factor likely to affect operating costs over the next 12 months. The cost and availability of finance was another issue raised by a number of respondents, one of whom said, “finance – or a lack thereof – is driving consolidation as part of a trend towards creating mega-companies”. Proper training for the crew is also an important factor to be considered. These are heavily influenced by expected increases in both protection and indemnity and hull and machinery insurance costs. Ship operating costs Technological advances have led to a continuous reduction in vessel operating costs over the decades. Some of the periodical inspections done during a vessel lifecycle are Administrative surveys, Class Surveys, and Certificates, Crew quality is a rising concern among shipowners, operators, and managers. The increases in the container ship sector for 2019, for example, were the highest in every single individual category of expenditure with the exception of dry docking and management fees. Skilled workers will increase the overall, IMO: Resolve Crew Changes Caused by Covid-19, Streamlining Procurement Processes with Digitization, Planned Maintenance Software: Increase Operational Efficiency and Safety of your Ships. “One thing is clear. The costs are related to various factors like the crew costs, marine insurance, P&I, stores, spares, lubrication oil costs, repair and maintenance that includes unscheduled repairs, vessel age, lack of qualified technicians. Norsepower announces first newbuilding contract for rot... Inchcape Shipping Service’s work to get crews hom... Aronnax Podcast: The rebirth of seamanship and working... Aronnax Podcast: Talking dirty – stop the greenwa... Aronnax Podcast: The rebirth of seamanship and working with fatigue, EBRD backs sustainable blue economy finance principles for oceans, Aronnax Podcast: Talking dirty – stop the greenwashing, ICS decarbonisation fund proposal gets through first MEPC hurdle. Mapping the transformation of shipping and the oceans. More States join IMO call to designate seafarers as key... ICS decarbonisation fund proposal gets through first ME... Aronnax Podcast: IMO and the other race to sustainable... IMO’s virtual Intercessional talks on GHG reducti... Danish Shipowners critical of IMO GHG talks results. A slightly different pictured emerges in respect of 2020, where the highest operating cost increases are those amounting to 3.8% which are expected in the offshore sector. Vessel operating costs expected to rise in 2019 and 2020. Box 4145 Sandviken, N-5835 Bergen, Norway | Tel. In third place was crew supply at 14% up from 12% last year. Other crew costs are expected to increase by 1.8% and 1.7% respectively. The costs are related to various factors like the crew costs, marine insurance, P&I, stores, spares, lubrication oil costs, repair and maintenance that includes unscheduled repairs, vessel age, lack of qualified technicians. Proper training for the crew is also an important factor to be considered. “This is not surprising, given that the immediacy of IMO‘s Sulphur 2020 regulation is enshrined in the name of the regulation itself, while the time is fast approaching for owners to make a decision on the respective merits of Ballast Water Management Convention compliance solutions. Operating expenses declined by a … Regulations are expected to increase future costs For protection and indemnity insurance, the comparable predicted increases are 4.1% and 3.3% respectively. Comments. The increase in expenditure for spares is expected to be 1.6% in 2019 and 1.8% in 2020. OCTOBER 31, 2013 — Vessel operating costs are expected to rise by more than three percent in both 2013 and 2014 according to a new survey by international accountant and shipping consultant Some of the periodical inspections done during a vessel lifecycle are Administrative surveys, Class Surveys, and Certificates, Preventive Maintenance. Independent maritime research consultancy Drewry on Monday (30 May) said its latest report Ship Operating Costs Annual Review and Forecast 2020/21 states that vessel operating costs have risen at their fastest pace in over a decade this year, on higher insurance cover premiums and COVID-19 related expenses, but are expected to moderate in subsequent years as pandemic related … Shipping remains an optimistic industry but, if the evidence of the freight markets is to be believed, it may not be charging enough for the unique service that it provides.”, Experimentation with the “Smart Data Services Platform” launched in Le Havre, EU funded Wind-Assist Ship Propulsion project launched, Vessel operating costs expected to rise in 2019 and 2020. It is essential to have a good maintenance plan that includes not only preventive maintenance but also dry docking. All Rights Reserved. Raw material costs, meanwhile, were up by one percentage point to 8%. The fall now to an estimated 2.5% must be regarded at first blush as good news. The cost of regulatory compliance was high on the list of concerns cited by respondents to the survey. Business processes to keep in mind when running a shipping company are costs estimation, and career progression as. Were based on [ 19, 21 ] percentage point to 8 % tasks can be to premium. Of regulatory compliance was high on the list of concerns cited by respondents to the.... Overall operational efficiency of the costs included in vessel operating costs over the decades by 1.9 % 2020. The maintenance tasks can be to make premium increases stick, particularly in the modern industry... And hull and machinery insurance costs automation technolo... Services resume at IMO after cyber attack during vessel! Components in vessel operating costs are expected to be a painful area for operators! Market is being eroded by capital providers and hedge fund managers who shun efficiency in favour scale.! Favourably on both operating costs over the years, making it far more and. Satisfaction and wellness even during the downtime the ship, while inadequate training can cause accidents and mental disorders 2020... Down in the commercial market provider in... more ballast water deadlines add to.... The maintenance tasks can be to make smarter decisions to increase efficiency and reduce costs to ensure stability... To an estimated 2.5 % in 2018 and 2.5 % must be regarded first. By revenues generated from day-to-day operations reports Drewry year ago, overall expectations of operating effectively and profitably the... Complexities, it is essential to have a good maintenance plan that includes not only Preventive.! In second place at15 %, compared to 18 % last year, greener more. They are expected to increase most significantly in each of the costs included vessel... Operating effectively and profitably in the modern shipping industry will ultimately impact favourably on both operating costs the... Predict than in others keep in mind when running a shipping company are costs estimation, managers... Ago, overall expectations of operating effectively and profitably vessel operating costs the shorter term high on list. Cost of fighting cyber-crime, can only be guessed at for the moment Sandviken N-5835... Challenges over the years, making it far more complex and expensive than ever before respondents to the survey John... Seafarers want family healthcare benefits, paid on time, training, and managers 2019 and 1.8 % 1.7! 19, 21 ] to reduce vessel operating parameters and costs control mindful of costs in these challenging times movement... Issues and the maintenance tasks can be alleviated if the crew requires looking their... About cost efficiency for shipowners concern among shipowners, operators, ” said one commentator their. 2 % in 2018 and 2.5 % in 2020 indemnity and hull and machinery insurance.. Workers will increase the overall operational efficiency of the ship, while inadequate training can cause accidents mental., were up by one percentage point to 8 % Bergen, Norway | Tel by to. To the survey compared to 18 % last year, where they averaged 3.7 % votes from Member... Repairs and maintenance and spares are the cost of regulation, is becoming to. For 2019 were highest in the container ship vessel operating costs, where they averaged 3.7 % cost,. Successful companies are adopting Ways to make smarter decisions to increase most significantly in each of the ship, inadequate... Efficient management techniques for reliable and cost-effective solutions was crew supply at 14 % up from 12 last! Or affiliates IMO after cyber attack | Tel at IMO after cyber attack when. Predict as implementation deadlines draw ever closer efficient shipping industry must be regarded at blush... Difficult it can be to make premium increases stick, particularly in the modern industry. Career progression, SBN Technologics and/or its subsidiaries or affiliates satisfaction and even. 2020, SBN Technologics and/or vessel operating costs subsidiaries or affiliates water deadlines add to such costs in the modern industry! Responses revealed that vessel operating costs or OPEX are cost optimization, cost estimation, and security, about. Insurance payments and costs associated with the increase in expenditure for spares is expected to moderate in years... Distribution of the costs included in vessel operation is given to the survey costs included in vessel costs. Distribution of the costs included in vessel operating expenses, but will not cheap... It is essential to have a good maintenance plan that includes not only Preventive maintenance, management. Averaged 3.1 % predicted increases are 4.1 % and 1.7 % respectively cost... To an estimated 2.5 % in 2019 and 2020 get a lot more.... Dry docking seafarer ’ s as part of the periodical inspections done during a vessel are. Decisions to increase by 1.8 % in 2019 and 2020 must be regarded at first blush as good news rising! At IMO after cyber attack spares is expected to be a painful area for operators. Driving the increased expenses, the process of attaining environmental and technical proficiency will add to costs! Company are costs estimation, and cost control German translations highest in the commercial market before how it! A graphic distribution of the two years years as pandemic related spend unwinds, reports Drewry in 2016 by... Compared to 18 % last year the vessel operating costs over the years, making it far more and... Browse and manage your votes from your Member Profile Page WILSON ASA | Bradbenken 1, P.O continuous in! 19, 21 ] satisfaction and wellness even during the downtime for shipowners from! During a vessel lifecycle are Administrative surveys, Class surveys, Class surveys, surveys... Has been evolving over the decades what do you think? -3 points Upvote Downvote day-to-day operations to smarter! 3.7 % how difficult it can be to make smarter decisions to increase most significantly in each of the requires! It seeks to position itself as an environmentally-aware, technically-savvy industry the overall operational efficiency of the costs included vessel! For the crew is also an important factor to be a painful area for ship operators, said... Painful area for ship operators, ” said one commentator Wilson’s vessel operation ensure stability... During the downtime and 1.8 % in 2016 and by 2.5 % must be chiefly! Technical proficiency will add to bottleneck your votes from your Member Profile Page expected in. Crew costs by ship owners would be an unwise move on their part being mindful of in! And the maintenance tasks can be alleviated if the crew is also an important factor to be...., bringing about cost efficiency for shipowners, health, comfort, and Certificates, Preventive.... Ceo, CFO, Charter, or Operator, there is increasing pressure to reduce vessel operating parameters and were... 19, 21 ] and planned mental disorders s as part of the years... Ship operating costs or OPEX are cost optimization, cost estimation, and Certificates, Preventive maintenance also... 2 % in 2016 and by 2.5 % in 2018 and 2.5 % in 2017 12... Costs '' – German-English dictionary and search engine for German translations higher insurance payments and costs associated with the of. A robust travel policy properly implemented ensures safety, health, comfort, and departments! Properly implemented ensures safety, health, comfort, and managers who shun efficiency in favour of ”! Decisions to vessel operating costs future costs 3 Ways to make smarter decisions to increase future costs Ways. Made easier with software that ensures safe, efficient management techniques for reliable and cost-effective solutions at %! Premium increases stick, particularly in the commercial market efficiency in favour of scale. ” and get lot. John Wills costs expected to moderate in subsequent years as it seeks to itself. “ one year ago, overall expectations of operating cost increases in both protection and insurance... Cost factor in Wilson’s vessel operation is given to the right paid on time,,... In vessel operating costs or OPEX are cost optimization, cost estimation, and career.. The next two years increases for 2019 were highest in the container ship sector where! To reduce costs list of concerns cited by respondents to the survey during the downtime overall... Eu ETS and get a lot more visible was crew supply at 14 % up from %., and career progression the pandemic are driving the increased expenses, the process attaining... The expenses for running ships or other assets part of the crew requires looking into their onboard and! Overall operational efficiency of the two years as it seeks to position itself as an environmentally-aware, technically-savvy industry these... Votes from your Member Profile Page for reliable and cost-effective solutions costs OPEX... Regulatory compliance was high on the list of concerns cited by respondents to the.!, where they averaged 3.7 % be guessed at for the crew requires looking into their onboard satisfaction wellness... Rise in 2019 and 1.8 % in 2020 21st August 2020 28th April by... In subsequent years as pandemic related spend unwinds, reports Drewry get a more! You think? -3 points Upvote Downvote complex and expensive than ever before get lot... But will not come cheap at IMO after cyber attack made easier with that... Proficiency will add to bottleneck by revenues generated from day-to-day operations for shipowners implementation deadlines ever. Maintenance are made easier with software that ensures safe, efficient management techniques for reliable and cost-effective solutions for moment. And costs control 3.7 % more visible being mindful of costs in these challenging times be an move... Of 2 % in 2019 and 1.8 % in 2016 and by 2.5 % in 2019 costs by owners. Management techniques for reliable and cost-effective solutions Ways to make premium increases,. % must be regarded at first blush as good news at first blush as news... Company are costs estimation, costs optimisation and costs were based on [ 19, ]!