Ship Operating Costs

Annual Review and Forecast

ANNUAL REPORT 2016/17
Ship Operating Costs 2016/17
Contents

1 2 3
Introduction,
Methodology &
Sources of
Information 2 Executive Summary 9 Principal Operating Cost Profile –
Costs – Issues and Container 54
Additional data added Market conditions ~ Trends 30
to 2016 report 2 force down operating
costs 9 Market conditions
drive costs down 30

4 5 6 7
Cost Profile – Cost Profile – Cost Profile – Cost Profile –
Dry Bulk 74 Tanker 90 Chemical 102 Gas 116

8 9
Research team Drewry Maritime
Research
Editorial Team:
15-17 Christopher Street,
Nigel Gardiner
London EC2A 2BS
Cost Profile – Appendices 1-9 [email protected]
Tel: +44 (0) 20 7538 0191
Other 134 (provided in Excel) Nikhil Jain Fax: +44 (0) 20 7987 9396
[email protected]
[email protected]
www.drewry.co.uk

Editorial Director:
Patrick Neylan
[email protected]

1 Ship Operating Costs | 2016/17 © Drewry

Ship Operating Costs
Introduction, Methodology & Sources of Information

Additional data added to 2016 report Methodology and Information Sources

How have we derived the ship operating
A number of changes have been made to the content and structure of costs in this report? When Drewry started
the 2016 edition of Drewry’s annual Ship Operating Costs Report. covering ship operating costs in the
As with previous editions, Drewry’s 2016 ship types and sizes for newbuildings 1970s, our information was based solely
Ship Operating Costs report provides as well as 5-year, 10-year, 15-year on the answers to a questionnaire that was
data, information and analysis of the main and 20-year old ships where there are sent to shipowners.
components of ship operating costs, in a sufficient number of ships of the size Over time we realised that this approach
addition to our assessment of indicative and age in operation. had several drawbacks, with a major one
daily and annual operating costs for a being that final results could become
The precise coverage by fleet sector, size
range of different ship types and sizes. skewed by unrepresentative returns.
and vessel age is itemised in Table A1.
We have added a number of new ship For this reason Drewry has altered its
When comparing headline operating costs,
types and sizes to the analysis this year in methodology and today our assessments
it is important to understand the basis of
order to reflect the changing nature of the of vessel operating costs are based on a
the numbers and their derivation.
fleet in service. We now have operating combination of the following inputs:
cost assessments for representative ships As in previous reports we have used five
covering the chemical, container, dry bulk, main cost categories: • Direct contact and feedback from
LPG, LNG, oil, reefer, ro-ro and general shipowners
• Manning
cargo sectors. • Direct contact and feedback from ship
• Insurance managers
In the past, our annual assessments of
ship operating costs have always been • Stores, spares and lubes • Data extracted from the financial
based on a ‘Drewry standard’ ship of 10 • Repairs and maintenance (R&M) statements of listed shipping
years old. However, in the 2016 report, in (including allowances for intermediate companies
addition to the standard 10-year old vessel surveys and full dry docking)
we have included assessments of 2016 • Use of recognised experts to help
ship operating costs by main cost heads • Management and administration determine the cost profile for each
(e.g. Manning) for newbuildings as well as (M&A) ship type and size
5-year, 15-year and where appropriate 20- Within each of these main heads, we • Drewry’s expertise in collecting cost
year old ships. have defined a number of individual cost data over four decades
For the sake of clarity, ship operating components that are itemised in Table
costs have been assessed in the A2, together with a brief explanation of
following manner: each sub-cost head. Of course, some
of the sub-cost heads will not apply to
• Annual assessments (historical and all ship types, but many are common to
forecast) for Drewry standard (10-year
FOR MORE DETAILS AND
all sectors. OTHER MARKETS
old) ship types and size by main cost
head. Please note that where sub-cost heads
do not apply, appropriate notification is
• For the year 2016, provisional provided in the relevant tables and charts.
Learn more
assessments by main cost head for all

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2 Ship Operating Costs | 2016/17 © Drewry

Ship Operating Costs
Introduction, Methodology & Sources of Information

Table A.1 SHIP TYPES(1) AND SIZES COVERED IN THE REPORT

Ship Age (yrs) Ship Age (yrs)
Sector Vessel Size Newbuilding (2)
5 (2)
10 (3)
15 (2)
20 (2)
Sector Vessel Size Newbuilding (2) 5 (2) 10 (3) 15 (2) 20 (2)
CHEMICAL TANKERS (DWT) LIQUID PETROLEUM GAS (LPG) CARRIERS (CBM)
5-6,000 IMO 2/3 coated Yes Yes Yes Yes Yes 3-5,000 Yes Yes Yes Yes Yes
8-9,000 IMO 2/3 coated Yes Yes Yes Yes Yes 6-8,000 Yes Yes Yes Yes Yes
10-12,000 IMO 2/3 coated Yes Yes Yes Yes Yes 12-15,000 Yes Yes Yes Yes Yes
18-20,000 IMO 2/3 coated Yes Yes Yes Yes Yes 30-35,000 Yes Yes Yes Yes No
22-24,000 IMO 2/3 coated Yes Yes Yes Yes No 50-55,000 Yes Yes Yes Yes Yes
35-37,000 IMO 2/3 coated Yes Yes Yes Yes Yes 80,000+ Yes Yes Yes Yes Yes
40-50,000 IMO 2/3 coated Yes Yes Yes Yes Yes LIQUID NATURAL GAS (LNG) CARRIERS (CBM)
CONTAINER VESSELS (TEU) 140-160,000 Steam No No Yes Yes Yes
500-700 Yes Yes Yes Yes Yes 150-160,000 Diesel/Electric Yes Yes No No No
1-2,000 Yes Yes Yes Yes Yes 170-180,000 Motor Yes Yes No No No
2-3,000 Yes Yes Yes Yes Yes OIL TANKERS (DWT)
3-4,000 Yes Yes Yes Yes Yes 30-35,000 Yes Yes Yes Yes Yes
5-6,000 Yes Yes Yes Yes Yes 50-55,000 Yes Yes Yes Yes Yes
8-9,000 Yes Yes Yes Yes Yes 70-80,000 Yes Yes Yes Yes Yes
10-12,000 Yes Yes Yes No No 105-120,000 Yes Yes Yes Yes Yes
13-14,000 Yes Yes Yes No No 150-160,000 Yes Yes Yes Yes Yes
15-17,000 Yes Yes Yes No No 300-320,000 Yes Yes Yes Yes No
18,000+ Yes Yes No No No OTHER VESSELS
DRY BULK CARRIERS (DWT) General Cargo (dwt)
30-35,000 Yes Yes Yes Yes Yes 7-10,000 Yes Yes Yes Yes Yes
40-45,000 Yes Yes Yes Yes Yes 15-20,000 Yes Yes Yes Yes Yes
50-55,000 Yes Yes Yes Yes Yes Ro-Ro dwt)
70-75,000 Yes Yes Yes Yes Yes 10,000 Yes Yes Yes Yes Yes
100-110,000 Yes Yes Yes No No Reefer (cu.ft)
170-180,000 Yes Yes Yes Yes Yes 550,000 No No No Yes Yes
220-250,000 Yes Yes Yes Yes No
380-400,000 Yes Yes No No No
(1) In some cases there are no ships of the type, size and age in service. For example there are no 18,000 teu 10-year old containerships in service. Hence in these instances no operating cost assessments are
provided.

(2) Costs shown for the year 2016 only.

(3) Historical and Forecasts shown for a “Standard” Drewry vessel of 10 years old.

Source: Drewry Maritime Research

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3 Ship Operating Costs | 2016/17 © Drewry

Ship Operating Costs
Introduction, Methodology & Sources of Information

Manning • Reputable owner or manager a given period of time. The approach

Manning costs are based on a series of • Fleet cover, not singleton terms we have adopted in this report is to take
surveys conducted annually by Precious • Fully in Class the total indicative cumulative cost of an
Alliance Limited (PAL), with a dedicated intermediate survey and a dry docking and
• Classed by an International
individual focus on the dry, liquid and divide it by five to arrive at the annual cost.
Association of Classification Societies
offshore sectors. For the 2016 report, data In effect, this approach amortises the total
(IACS) member
is based on approximately 40,000 officers cost of one intermediate survey and one
employed by 64 companies serving on Stores, Spares and Lubes dry docking over a five-year period, which
3,000 internationally trading vessels. In Once again we have itemised the individual is representative of a typical cycle for this
addition to the specific survey data, PAL costs that we have included in each of type of activity.
draws upon its wider industry experience these main cost heads, as it is not always Management and administration
to provide informed data for the manning- clear what headline costs include or
Similar to our treatment of ‘Stores, spares
specific aspects of this report, such as exclude. Readers may therefore need to
and lubes’ above, the overall approach has
differences in manning costs by seafarer make adjustments to our figures based
enabled us to build a cost profile for each
nationality, seafarer terms and conditions on their own allocation of costs in order to
representative ship type and size using the
of employment, as well as differences by make meaningful comparisons.
itemised components outlined in Table A2,
vessel type. The data collected by PAL
The data has been assessed by an internal and tracked over a period of time.
represents the most comprehensive, up-
Drewry expert who has over 40 years of
to-date record of manning costs available General
experience in the management of ships of
for the international shipping fleet. All of the 2016 data shown in this report
all types.
is provisional and may be subject to minor
In addition to wages and overtime
‘Repairs & maintenance’ and changes when we publish the next report
payments we have also included an
‘intermediate surveys & dry docking’ in late 2017. In this respect we have made
assessment for victualling and travel under
The basic approach is similar to that some adjustments to the provisional 2015
manning. It goes without saying that
applied to ‘Stores, spares and lubes’, with assessments that were shown in the
manning costs on a ship will be influenced
itemisation of individual cost components 2015 report.
by the size and nationality of the crew, as
well as employment terms and the trading and assessments of these costs provided
Following the ‘Introduction’ there is an
nature of the vessel. This needs to be by our internal expert, while cross-
‘Executive summary’ containing the main
borne in mind when reviewing the data. checking with external resources and
findings of the report. Thereafter, Section
shiprepair yards.
2 covers recent developments in the
Insurance
With respect to intermediate surveys main cost heads that apply industry-wide.
Our assessments of insurance costs are
and dry docking there are huge Section 3 contains individual operating
based on typical premiums for hull and
variations in the actual costs incurred cost profiles for each of the 44 vessels
machinery (H&M), and protection and
by shipowners and any assessment can covered by this report. Further supporting
indemnity (P&I) as well as a range of other
only be treated as indicative. Owners data is provided in the Appendices.
related insurance costs (itemised in Table
with extra crew on board for routine
A2). H&M costs are based primarily on We hope you find the latest annual Ship
maintenance may well incur lower
prevailing second-hand vessel values, Operating Costs Report informative and
costs, and no allowance for this type of
which are itemised in the report. Certain valuable. If you have any question on the
activity is included in the Drewry figures.
insurance costs such as kidnap and report please contact us.
Equally, some owners may well incur
ransom premiums do not apply in all
much higher costs at intermediate survey Nigel Gardiner / Nikhil Jain
cases, while for oil and chemical tankers
and full dry docking than the Drewry Drewry Maritime Research
we have assumed that a certificate of
assessments if they operate with minimum 15-17 Christopher Street
financial responsibility (COFR) is in place to
maintenance programmes. London EC2A 2BS
comply with the terms of the United States
Tel No: +44 (0) 20 7538 0191
(US) Oil Pollution Act. Individual shipowners treat Intermediate Fax No: +44 (0) 20 7987 9396
surveys and dry docking expenses in
The assessments are based on the E-mail: [email protected];
different ways. Some will choose to incur
review of the data by our expert in marine [email protected] or
the full cost in which the intermediate
insurance and in this respect assume [email protected]
survey or dry docking takes place, while
the following:
others will amortise the expenditure over Web: www.drewry.co.uk

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Ship Operating Costs
Introduction, Methodology & Sources of Information

Table A.2 DREWRY OPERATING COSTS – DEFINITION OF MAIN COST HEADS AND PRINCIPAL COMPONENTS
Main/Sub Cost Head Notes/Definitions
MANNING
Officer/rating numbers Total number of crew (officers & ratings on board).
Crew wages and overtime Total cost of wages, overtime and associated social payments. Excludes training and medicals.
Total cost of victualling and travel. Crew size, crew employment terms and the trading pattern of the ship are
Victualling and travel
factors that influence final costs.
INSURANCE
Premium for converting physical loss of damage to the ship itself. Premiums will vary depending on the owner,
Hull & Machinery (H&M) trade, age, flag, builder, class and of course vessel value. Rates typically can vary between 0.03 and 2.5% of
the ship’s value.
War risk Owner’s choice.
Third-party liability insurance. Normally based on the gross or displacement tonnage of the ship. The cargo
Protection & Indemnity (P&I)
carried and the trading area (risk factors) plus exclusion clauses have an impact on final premiums.
Excess P&I reinsurance (PIRI) Additional call on third-party liability insurance.
Owners generally cover more vulnerable ships such as small gas carriers or slow-steaming ships trading in
Kidnap & ransom
areas associated with kidnap risk. In general, the risk has declined in recent years.
This is an owner’s choice item covering the cost of legal representation and expert advice in relation to claims,
Freight, demurrage and defence (FD&D) disputes and other matters of a shipping nature that are not already covered by P&I and other forms of
insurance.
Created to ensure that vessels transporting oil and chemical-based products to the United States and Canada
Certificate of financial responsibility (COFR) should bear any ensuing clean-up costs from spills and leaks. It is a result of the US Oil Pollution Act of 1990
and other environmental statutes, with the premiums based on gross or displacement tonnage.
Brokerage Normally based on a percentage of total insurance premiums – typically around 2.5%.
STORES
Deck General stores and chandlery items used in the ship, which are influenced by the size of the crew.
Cabin Cabin stores will include linen and cleaning materials, etc, and again are influenced by the size of the ship.
Medical stores kept on board, sometimes referred to as the ‘Ship Medicine Chest’. There is no agreed
Medical
international standard, but guidelines have been issued at national level and by the World Health Organisation.
Ropes, wires and lashing gear Mooring ropes and fire, towing and crane wires, plus lashing gear for containers where applicable.
Safety items and protective equipment Includes lifebuoys and other safety aids, plus protective equipment and clothing for the ship’s crew.
Maintenance paint Paint of all types used for maintenance while the ship is sailing or in port.
Tools and hardware All tools used on-board ship for routine maintenance.
Engine stores and hardware All stores and chandlery items used specifically by the ship’s engine department.
Chemicals used in general maintenance work, plus gases such as oxyacetylene and freon. Used across all ship
Chemicals and gases
types.
Hoses Normally only applicable for small chemical tankers.

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Ship Operating Costs
Introduction, Methodology & Sources of Information

Table A.2 DREWRY OPERATING COSTS – DEFINITION OF MAIN COST HEADS AND PRINCIPAL COMPONENTS CONT’D
Main/Sub Cost Head Notes/Definitions
SPARES
Main propulsion unit The cost of all spares associated with the prime mover attached to the propeller shaft.
Generator engines The cost of all spares for the power generation engines.
Boilers The cost of all spares for the main and auxiliary boilers.
Auxiliary machinery The cost of all spares for pumps and motors servicing engine room plant and or the transfer of cargo.
Deck machinery Includes all spares for windlass, winches and cranes used for handling ship’s mooring and cargo hoses.
Electrical All electrical spares for on-board ship systems.
Systems All spares for automation and electrical detection systems and alarms on board the ship.
Spares transportation The costs of transporting all spares to the ship.
LUBRICATING OILS
Cylinder oil Oil used for lubricating the cylinders of the main engine.
System oil Other oils used for lubricating the moving parts of the main engine.
Auxiliary engines Oil used for lubricating the moving parts of the generator engines.
Hydraulic oils Special oils used for valve actuation in on-board controls, cranes, etc.
Other oils Other oils used for items such as stern tube, turbochargers and reduction gears, etc.
Most terminals do not allow receipt of lubricants during cargo operations and lubricants are normally barged to
Transportation
vessels.
Gas and reefer compressor lubricants Oils specific for lubrication in gas and reefer ships, therefore not always applicable.
REPAIR & MAINTENANCE
Normal practice to take out contracts with third-party providers for the provision of navigation and software
Contracted services
updates.
The cost of maintenance contracts for items such as navigation equipment and radio & communications
Service attendance
equipment, etc.
Annual calibration All instruments must be calibrated annually.
Electrical rewinds The costs of repairs to all electrical motors.
Servicing life rafts Life rafts on board all ships are required to be serviced annually by authorised service providers.
The contracted fee paid to the Class Society to cover annual, intermediate and civil, structure and management
Annual class fee
(CSM) surveys.
Engine parts reconditioning The cost of specialist rebuilding of piston grooves and crowns, cylinder covers and exhaust valves re-builds.
Hydraulic systems Maintenance of hydraulics such as valve actuation, cranes and controls.
All ships carry a crane for handling stores and spares. For example, a VLCC will normally have two 30-tonne
Crane, door and ramp servicing cranes that have to be regularly serviced and certified. In addition, small bulk carriers and container vessels are
geared for cargo handling and hence incur higher expenditure. All costs for maintaining and re-conditioning.

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Ship Operating Costs
Introduction, Methodology & Sources of Information

Table A.2 DREWRY OPERATING COSTS – DEFINITION OF MAIN COST HEADS AND PRINCIPAL COMPONENTS CONT’D
Main/Sub Cost Head Notes/Definitions
INTERMEDIATE SURVEY & DRY DOCKING
All ships before entry into repair yard must be free of hydrocarbon gases. The process of ridding the tanks of
Tank cleaning/gas freeing these gases is known as tank cleaning. In case of LNG tankers the tanks are vented of gases using nitrogen,
which then is replaced by air.
Tugs, towage and wharfage Assistance require to berth vessels at tank cleaning farm and at repair berth and drydock.
Agency Ship agent for clearing the vessel’s entry and departure form port, as well as to assist generally.
When in dry dock the ship is supplied with power from ashore, plus other services associated with vessels
Utility supply and dock charges
service requirements.
Washing and painting, sea and storm valves Washing and painting of ship’s hull; servicing of sea and storm valves as required by class.
Wharfage used for afloat repairs, ship’s hull washed down using HP water jet before painting. Painting of ship’s
Berth hire outside hull including underwater parts. Sea valves are inlet and outlet valves overboard. Storm valves located
above water level.
Testing lifeboats and gangways Testing of lifeboats and gangways.
Hatch covers and cargo ventilation Maintenance of hatch covers and cargo ventilation.
Pipework, deck and pump room Repair/renewal of pipe work on deck and pump room.
Valves cargo and ballast Repair/renewal of cargo and ballast valves.
Engine room work Overhauls and repairs, renewals in the engine room.
Motors, alternators and switchboard Reconditioning, repair, re-varnishing of motors; cleaning of main switchboard.
Automation, boilers, instrumentation Automation of boiler firing, control and inert gas systems.
Heating, air conditioning and cabin refurbishment Safety equipment overhaul; heating and air conditioning overhauls and cabin interior refurbishment.
Supplies associated with underwater parts such as shaft seals; rudder gland repacking; underwater anti-
Supplies, paints, spares, etc
corrosive and anti-fouling paints.
Class Society costs Fees paid for classification surveyor.
Hull gauging Hull thickness measurement.
Attendance Attendance of superintendent and surveyors during docking.
Tank purging and gas freeing Removing gas from tanks.
MANAGEMENT & ADMINISTRATION
Ships can be managed internally or given to a third-party ship manager. In effect, this expense is intended to
Owner’s overhead/management fee
represent the cost of shore-based operations in terms of people, facilities and services.
Miscellaneous costs This will include costs such as laundry and fresh water.
This will include all costs associated with handling the ship’s crew in terms of mail, local transportation and
Owner’s disbursement
non-charterer-related expenses.
With the possible exception of some small ships, all vessels will make use of launches during the course of
Launches
year. Ships’ crews are often not permitted to transit through terminals.
Expenses incurred by the ship’s Master in connection with entertaining (meals and drinks) for shore staff such
Master’s entertainment
customs, coastguards and surveyors.

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Ship Operating Costs
Introduction, Methodology & Sources of Information

Table A.2 DREWRY OPERATING COSTS – DEFINITION OF MAIN COST HEADS AND PRINCIPAL COMPONENTS CONT’D
Main/Sub Cost Head Notes/Definitions
MANAGEMENT & ADMINISTRATION CONT’D

The cost of removing garbage from a ship, which is regulated under Annex V of MARPOL 73/78. In effect, every
Garbage disposal
ship has to have a Garbage Management Plan and comply with certain rules and regulations, which incur costs.

Flag state expenses Costs associated with ship registration and the annual tax to the flag state, plus any legal fees.
Residual wastes such as sludge containing oil or petroleum wastes from the engine room must be disposed of
Engine room slop disposal in a safe and responsible way and in full compliance with MARPOL regulations. Disposal is normally direct to
shore-based facilities.
Communication and IT Emails, telex, fax, IT, telephone calls, etc.

The cost associated with testing in laboratories both fuel oil (bunker) and lubricating oils to certify their quality.
Fuel and lube oil sampling
Expenses under this heading will depend on ship type and size and also on the frequency of bunkering.

Port State Control detentions due to ISM failures are becoming more common as the authorities are grouping
deficiencies together to justify detaining the ship. The objectives of the International Safety Management (ISM)
Code are to ensure safety at sea, prevent human injury or loss of life and avoid damage to the environment
and property. The objectives of the ISPS Code are to ensure security of ships and port facilities. The company is
Quality and safety audit
responsible for implementing an effective safety and security management system to ensure these objectives
are met. By doing this, the risk to the fleet can be minimised and costly fines and Port State Control detentions
avoided. Effective implementation of ISM and ISPS will protect the fleet’s reputation and help to get the most out
of the company’s resources.
All ships are subject to regular inspections from various organisations. Oil tankers are required to possess at
least three oil major approval certificates, with the inspections to be recorded with SIRE (Ship Inspection Report
Inspections
Programme). In addition, ships older than 10 years calling at US ports are required to undergo a US Coast
Guard annual inspection.
The cost of certification by the Green Award Foundation to certify that a ship is extra clean and safe. Ships with
Green award a green award receive a reduction in port dues at ports in Belgium, Canada, Latvia, Lithuania, the Netherlands,
Oman, New Zealand, Portugal and South Africa.
The cost associated with an on-line vetting tool for ships transporting dry bulk, petroleum, chemicals and gases.
Rightship
Applies mainly to dry bulk carriers.
Source: Drewry Maritime Research

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Ship Operating Costs
Tables and Figures Listings

TABLES

Table a.1 Ship types and sizes covered in the report......................................................................................................................3

Table a.2 Drewry operating costs – definition of main cost heads and principal components..........................................................5
Table 1.1 Summary changes in ship operating costs......................................................................................................................9
Table 1.2 Total operating costs 2013-2021 - 10 year old ships unless specified ($ per day)..........................................................11
Table 1.3 Operating costs 2016 - 10 year old ships ($ per day)....................................................................................................12
Table 1.4 Total operating costs by vessel age: 2016 ($ per day)...................................................................................................13
Table 1.5 Indicative manning costs – 2016 ($ per day)..................................................................................................................13
Table 1.6 Officer wage rates ($ per month)...................................................................................................................................16
Table 1.7a Indicative manning budgets based on specific nationalities & crew sizes: 2016 – low cost ...........................................18
Table 1.7b Indicative manning budgets based on specific nationalities & crew sizes: 2016 – typical cost........................................20
Table 1.7c Indicative manning budgets based on specific nationalities & crew sizes: 2016 – high cost...........................................22
Table 1.8 Indicative lubricating oil consumption litres per annum..................................................................................................24
Table 1.9 Listed shipping companies – daily ship operating costs................................................................................................26
Table 2.1 Indicative tanker wage rates for selected countries ($ per month served) -2015 & 2016................................................32
Table 2.2 Indicative dry cargo vessel wage rates for selected countries ($ per month served) ......................................................33
Table 2.3 Officer wage rates ($ per month)...................................................................................................................................34
Table 2.4 Changes in master average wages in national currency, 2010-16.................................................................................35
Table 2.5 ITF tcc standard rates of pay – 2016 ($ per month).......................................................................................................36
Table 2.6 Changes in on-board numbers.....................................................................................................................................37
Table 2.7 Indicative ship values ($ million).....................................................................................................................................39
Table 2.8 Vessel losses, 2015......................................................................................................................................................40
Table 2.9 Indicative lloyd’s marine results......................................................................................................................................40
Table 2.10 Amlin Marine hull renewal rating indices........................................................................................................................40
Table 2.11 CEFOR – changes in insured values and deductibles....................................................................................................40
Table 2.12 IG Clubs’ standard surcharges (%)................................................................................................................................41
Table 2.13 Supplementary call: original projections vs actual..........................................................................................................42
Table 2.14 IG Clubs’ geographical spread......................................................................................................................................43
Table 2.15 IG Clubs’ gt by vessel type............................................................................................................................................43
Table 2.16 P&I release calls (% of original advanced call, as originally announced)..........................................................................43
Table 2.17 IG Clubs’ performance and free reserves......................................................................................................................44
Table 2.18 Average expense ratios (%)...........................................................................................................................................44
Table 2.19 IG Clubs’ combined ratios.............................................................................................................................................44
Table 2.20 IG pool incurred claims based upon historical thresholds ($ million, data as of 20 August each year).............................45
Table 2.21 IG general excess of loss reinsurance rates...................................................................................................................45
Table 2.22 Key players in the non-IG fixed premium P&I market.....................................................................................................45
Table 2.23 FDD general increases (%)............................................................................................................................................47
Table 2.24 UK war risk advance contributions, 2016......................................................................................................................47
Table 2.25 JWC hull war, strikes, terrorism and related perils – listed areas....................................................................................47
Table 3.1 500-700 teu fleet profile – 2016....................................................................................................................................54
Table 3.2 500-700 teu operating costs by main cost heads ($ per day)........................................................................................54

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Ship Operating Costs
Tables and Figures Listings

TABLES

Table 3.3 500-700 teu operating costs 2016 – by vessel age ($ per day)......................................................................................54
Table 3.4 500-700 teu indicative operating costs 2016 ($ per annum)..........................................................................................55
Table 3.5 1-2,000 teu fleet profile – 2016.....................................................................................................................................56
Table 3.6 1-2,000 teu operating costs by main cost heads ($ per day).........................................................................................56
Table 3.7 1-2,000 teu operating costs 2016 – by vessel age ($ per day).......................................................................................56
Table 3.8 1-2,000 teu indicative operating costs 2016 ($ per annum)...........................................................................................57
Table 3.9 2-3,000 teu fleet profile – 2016.....................................................................................................................................58
Table 3.10 2-3,000 teu operating costs by main cost heads ($ per day).........................................................................................58
Table 3.11 2-3,000 teu operating costs 2016 – by vessel age ($ per day).......................................................................................58
Table 3.12 2-3,000 teu indicative operating costs 2016 ($ per annum)...........................................................................................59
Table 3.13 3-4,000 teu fleet profile – 2016.....................................................................................................................................60
Table 3.14 3-4,000 teu operating costs by main cost heads ($ per day).........................................................................................60
Table 3.15 3-4,000 teu operating costs 2016 – by vessel age ($ per day).......................................................................................60
Table 3.16 3-4,000 teu indicative operating costs 2016 ($ per annum)...........................................................................................61
Table 3.17 5-6,000 teu fleet profile – 2016.....................................................................................................................................62
Table 3.18 5-6,000 teu operating costs by main cost heads ($ per day).........................................................................................62
Table 3.19 5-6,000 teu operating costs 2016 – by vessel age ($ per day).......................................................................................62
Table 3.20 5-6,000 teu indicative operating costs 2016 ($ per annum)...........................................................................................63
Table 3.21 8-9,000 teu fleet profile – 2016.....................................................................................................................................64
Table 3.22 8-9,000 teu operating costs by main cost heads ($ per day).........................................................................................64
Table 3.23 8-9,000 teu operating costs 2016 – by vessel age ($ per day).......................................................................................64
Table 3.24 8-9,000 teu indicative operating costs 2016 ($ per annum)...........................................................................................65
Table 3.25 10-12,000 teu fleet profile – 2016.................................................................................................................................66
Table 3.26 10-12,000 teu operating costs by main cost heads ($ per day).....................................................................................66
Table 3.27 10-12,000 teu operating costs 2016 – by vessel age ($ per day)...................................................................................66
Table 3.28 10-12,000 teu indicative operating costs 2016 ($ per annum).......................................................................................67
Table 3.29 13-14,000 teu fleet profile – 2016.................................................................................................................................68
Table 3.30 13-14,000 teu operating costs by main cost heads ($ per day).....................................................................................68
Table 3.31 13-14,000 teu operating costs 2016 – by vessel age ($ per day)...................................................................................68
Table 3.32 13-14,000 teu indicative operating costs 2016 ($ per annum).......................................................................................69
Table 3.33 15-17,000 teu fleet profile – 2016.................................................................................................................................70
Table 3.34 15-17,000 teu operating costs by main cost heads ($ per day).....................................................................................70
Table 3.35 15-17,000 teu operating costs 2016 – by vessel age ($ per day)...................................................................................70
Table 3.36 15-17,000 teu indicative operating costs 2016 ($ per annum).......................................................................................71
Table 3.37 18,000+ teu fleet profile – 2016....................................................................................................................................72
Table 3.38 18,000+ teu operating costs by main cost heads ($ per day)........................................................................................72
Table 3.39 18,000+ teu operating costs 2016 – by vessel age ($ per day)......................................................................................72
Table 3.40 18,000+ teu indicative operating costs 2016 ($ per annum)..........................................................................................73
Table 4.1 30-35,000 dwt fleet profile – 2016................................................................................................................................74
Table 4.2 30-35,000 dwt operating costs by main cost heads ($ per day)....................................................................................74

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ii Ship Operating Costs | 2016/17 © Drewry

Ship Operating Costs
Tables and Figures Listings

TABLES

Table 4.3 30-35,000 dwt operating costs 2016 – by vessel age ($ per day)..................................................................................74
Table 4.4 30-35,000 dwt indicative operating costs 2016 ($ per annum)......................................................................................75
Table 4.5 40-45,000 dwt fleet profile – 2016................................................................................................................................76
Table 4.6 40-45,000 dwt operating costs by main cost heads ($ per day)....................................................................................76
Table 4.7 40-45,000 dwt operating costs 2016 – by vessel age ($ per day)..................................................................................76
Table 4.8 40-45,000 dwt indicative operating costs 2016 ($ per annum)......................................................................................77
Table 4.9 50-55,000 dwt fleet profile – 2016................................................................................................................................78
Table 4.10 50-55,000 dwt operating costs by main cost heads ($ per day)....................................................................................78
Table 4.11 50-55,000 dwt operating costs 2016 – by vessel age ($ per day)..................................................................................78
Table 4.12 50-55,000 dwt indicative operating costs 2016 ($ per annum)......................................................................................79
Table 4.13 70-75,000 dwt fleet profile – 2016................................................................................................................................80
Table 4.14 70-75,000 dwt operating costs by main cost heads ($ per day)....................................................................................80
Table 4.15 70-75,000 dwt operating costs 2016 – by vessel age ($ per day)..................................................................................80
Table 4.16 70-75,000 dwt indicative operating costs 2016 ($ per annum)......................................................................................81
Table 4.17 100-110,000 dwt fleet profile – 2016............................................................................................................................82
Table 4.18 100-110,000 dwt operating costs by main cost heads ($ per day)................................................................................82
Table 4.19 100-110,000 dwt operating costs 2016 – by vessel age ($ per day)..............................................................................82
Table 4.20 100-110,000 dwt indicative operating costs 2016 ($ per annum)..................................................................................83
Table 4.21 170-180,000 dwt fleet profile – 2016............................................................................................................................84
Table 4.22 170-180,000 dwt operating costs by main cost heads ($ per day)................................................................................84
Table 4.23 170-180,000 dwt operating costs 2016 – by vessel age ($ per day)..............................................................................84
Table 4.24 170-180,000 dwt indicative operating costs 2016 ($ per annum)..................................................................................85
Table 4.25 220-250,000 dwt fleet profile – 2016............................................................................................................................86
Table 4.26 220-250,000 dwt operating costs by main cost heads ($ per day)................................................................................86
Table 4.27 220-250,000 dwt operating costs 2016 – by vessel age ($ per day)..............................................................................86
Table 4.28 220-250,000 dwt indicative operating costs 2016 ($ per annum)..................................................................................87
Table 4.29 380-400,000 dwt fleet profile – 2016............................................................................................................................88
Table 4.30 380-400,000 dwt operating costs by main cost heads ($ per day)................................................................................88
Table 4.31 380-400,000 dwt operating costs 2016 – by vessel age ($ per day)..............................................................................88
Table 4.32 380-400,000 dwt indicative operating costs 2016 ($ per annum)..................................................................................89
Table 5.1 30-35,000 dwt fleet profile – 2016................................................................................................................................90
Table 5.2 30-35,000 dwt operating costs by main cost heads ($ per day)....................................................................................90
Table 5.3 30-35,000 dwt operating costs 2016 – by vessel age ($ per day)..................................................................................90
Table 5.4 30-35,000 dwt indicative operating costs 2016 ($ per annum)......................................................................................91
Table 5.5 50-55,000 dwt fleet profile – 2016................................................................................................................................92
Table 5.6 50-55,000 dwt operating costs by main cost heads ($ per day)....................................................................................92
Table 5.7 50-55,000 dwt operating costs 2016 – by vessel age ($ per day)..................................................................................92
Table 5.8 50-55,000 dwt indicative operating costs 2016 ($ per annum)......................................................................................93
Table 5.9 70-80,000 dwt fleet profile – 2016................................................................................................................................94
Table 5.10 70-80,000 dwt operating costs by main cost heads ($ per day)....................................................................................94

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iii Ship Operating Costs | 2016/17 © Drewry

Ship Operating Costs
Tables and Figures Listings

TABLES

Table 5.11 70-80,000 dwt operating costs 2016 – by vessel age ($ per day)..................................................................................94
Table 5.12 70-80,000 dwt indicative operating costs 2016 ($ per annum)......................................................................................95
Table 5.13 105-120,000 dwt fleet profile – 2016............................................................................................................................96
Table 5.14 105-120,000 dwt operating costs by main cost heads ($ per day)................................................................................96
Table 5.15 105-120,000 dwt operating costs 2016 – by vessel age ($ per day)..............................................................................96
Table 5.16 105-120,000 dwt indicative operating costs 2016 ($ per annum)..................................................................................97
Table 5.17 150-160,000 dwt fleet profile – 2016............................................................................................................................98
Table 5.18 150-160,000 dwt operating costs by main cost heads ($ per day)................................................................................98
Table 5.19 150-160,000 dwt operating costs 2016 – by vessel age ($ per day)..............................................................................98
Table 5.20 150-160,000 dwt indicative operating costs 2016 ($ per annum)..................................................................................99
Table 5.21 300-320,000 dwt fleet profile – 2016..........................................................................................................................100
Table 5.22 300-320,000 dwt operating costs by main cost heads ($ per day)..............................................................................100
Table 5.23 300-320,000 dwt operating costs 2016 – by vessel age ($ per day)............................................................................100
Table 5.24 300-320,000 dwt indicative operating costs 2016 ($ per annum)................................................................................101
Table 6.1 5-6,000 dwt fleet profile – 2016..................................................................................................................................102
Table 6.2 5-6,000 dwt operating costs by main cost heads ($ per day)......................................................................................102
Table 6.3 5-6,000 dwt operating costs 2016 – by vessel age ($ per day)....................................................................................102
Table 6.4 5-6,000 dwt indicative operating costs 2016 ($ per annum)........................................................................................103
Table 6.5 8-9,000 dwt fleet profile – 2016..................................................................................................................................104
Table 6.6 8-9,000 dwt operating costs by main cost heads ($ per day)......................................................................................104
Table 6.7 8-9,000 dwt operating costs 2016 – by vessel age ($ per day)....................................................................................104
Table 6.8 8-9,000 dwt indicative operating costs 2016 ($ per annum)........................................................................................105
Table 6.9 10-12,000 dwt fleet profile – 2016..............................................................................................................................106
Table 6.10 10-12,000 dwt operating costs by main cost heads ($ per day)..................................................................................106
Table 6.11 10-12,000 dwt operating costs 2016 – by vessel age ($ per day)................................................................................106
Table 6.12 10-12,000 dwt indicative operating costs 2016 ($ per annum)....................................................................................107
Table 6.13 18-20,000 dwt fleet profile – 2016..............................................................................................................................108
Table 6.14 18-20,000 dwt operating costs by main cost heads ($ per day)..................................................................................108
Table 6.15 18-20,000 dwt operating costs 2016 – by vessel age ($ per day)................................................................................108
Table 6.16 18-20,000 dwt indicative operating costs 2016 ($ per annum)....................................................................................109
Table 6.17 22-24,000 dwt fleet profile – 2016..............................................................................................................................110
Table 6.18 22-24,000 dwt operating costs by main cost heads ($ per day)..................................................................................110
Table 6.19 22-24,000 dwt operating costs 2016 – by vessel age ($ per day)................................................................................110
Table 6.20 22-24,000 dwt indicative operating costs 2016 ($ per annum)....................................................................................111
Table 6.21 35-37,000 dwt fleet profile – 2016..............................................................................................................................112
Table 6.22 35-37,000 dwt operating costs by main cost heads ($ per day)..................................................................................112
Table 6.23 35-37,000 dwt operating costs 2016 – by vessel age ($ per day)................................................................................112
Table 6.24 35-37,000 dwt indicative operating costs 2016 ($ per annum)....................................................................................113
Table 6.25 40-50,000 dwt fleet profile – 2016..............................................................................................................................114
Table 6.26 40-50,000 dwt operating costs by main cost heads ($ per day)..................................................................................114

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iv Ship Operating Costs | 2016/17 © Drewry

Ship Operating Costs
Tables and Figures Listings

TABLES

Table 6.27 40-50,000 dwt operating costs 2016 – by vessel age ($ per day)................................................................................114
Table 6.28 40-50,000 dwt indicative operating costs 2016 ($ per annum)....................................................................................115
Table 7.1 3-5,000 Cbm fleet profile – 2016.................................................................................................................................116
Table 7.2 3-5,000 Cbm operating costs by main cost heads ($ per day)....................................................................................116
Table 7.3 3-5,000 Cbm operating costs 2016 – by vessel age ($ per day)..................................................................................116
Table 7.4 3-5,000 Cbm indicative operating costs 2016 ($ per annum)......................................................................................117
Table 7.5 6-8,000 Cbm fleet profile – 2016.................................................................................................................................118
Table 7.6 6-8,000 Cbm operating costs by main cost heads ($ per day)....................................................................................118
Table 7.7 6-8,000 cbm operating costs 2016 – by vessel age ($ per day)..................................................................................118
Table 7.8 6-8,000 Cbm indicative operating costs 2016 ($ per annum)......................................................................................119
Table 7.9 12-15,000 Cbm fleet profile – 2016.............................................................................................................................120
Table 7.10 12-15,000 Cbm operating costs by main cost heads ($ per day)................................................................................120
Table 7.11 12-15,000 Cbm operating costs 2016 – by vessel age ($ per day)..............................................................................120
Table 7.12 12-15,000 Cbm indicative operating costs 2016 ($ per annum)..................................................................................121
Table 7.13 30-35,000 Cbm fleet profile – 2016.............................................................................................................................122
Table 7.14 30-35,000 Cbm operating costs by main cost heads ($ per day)................................................................................122
Table 7.15 30-35,000 Cbm operating costs 2016 – by vessel age ($ per day)..............................................................................122
Table 7.16 30-35,000 Cbm indicative operating costs 2016 ($ per annum)..................................................................................123
Table 7.17 50-55,000 Cbm fleet profile – 2016.............................................................................................................................124
Table 7.18 50-55,000 Cbm operating costs by main cost heads ($ per day)................................................................................124
Table 7.19 50-55,000 Cbm operating costs 2016 – by vessel age ($ per day)..............................................................................124
Table 7.20 50-55,000 Cbm indicative operating costs 2016 ($ per annum)..................................................................................125
Table 7.21 80,000+ Cbm fleet profile – 2016................................................................................................................................126
Table 7.22 80,000+ Cbm operating costs by main cost heads ($ per day)...................................................................................126
Table 7.23 80,000+ Cbm operating costs 2016 – by vessel age ($ per day).................................................................................126
Table 7.24 80,000+ Cbm indicative operating costs 2016 ($ per annum).....................................................................................127
Table 7.25 140-160,000 Cbm fleet profile – 2016.........................................................................................................................128
Table 7.26 140-160,000 Cbm operating costs by main cost heads ($ per day)............................................................................128
Table 7.27 140-160,000 Cbm operating costs 2016 – by vessel age ($ per day)..........................................................................128
Table 7.28 140-160,000 Cbm indicative operating costs 2016 ($ per annum)..............................................................................129
Table 7.29 160-175,000 Cbm fleet profile – 2016.........................................................................................................................130
Table 7.30 160-175,000 Cbm operating costs by main cost heads ($ per day)............................................................................130
Table 7.31 160-175,000 Cbm operating costs 2016 – by vessel age ($ per day)..........................................................................130
Table 7.32 160-175,000 Cbm indicative operating costs 2016 ($ per annum)..............................................................................131
Table 7.33 170-180,000 Cbm fleet profile – 2016.........................................................................................................................132
Table 7.34 170-180,000 Cbm operating costs by main cost heads ($ per day)............................................................................132
Table 7.35 170-180,000 Cbm operating costs 2016 – by vessel age ($ per day)..........................................................................132
Table 7.36 170-180,000 Cbm indicative operating costs 2016 ($ per annum)..............................................................................133
Table 8.1 7-10,000 dwt fleet profile – 2016................................................................................................................................134
Table 8.2 7-10,000 dwt operating costs by main cost heads ($ per day)....................................................................................134

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v Ship Operating Costs | 2016/17 © Drewry

Ship Operating Costs
Tables and Figures Listings

TABLES

Table 8.3 7-10,000 dwt operating costs 2016 – by vessel age ($ per day)..................................................................................134
Table 8.4 7-10,000 dwt indicative operating costs 2016 ($ per annum)......................................................................................135
Table 8.5 15-20,000 dwt fleet profile – 2016..............................................................................................................................136
Table 8.6 15-20,000 dwt operating costs by main cost heads ($ per day)..................................................................................136
Table 8.7 15-20,000 dwt operating costs 2016 – by vessel age ($ per day)................................................................................136
Table 8.8 15-20,000 dwt indicative operating costs 2016 ($ per annum)....................................................................................137
Table 8.9 10,000 dwt fleet profile – 2016....................................................................................................................................138
Table 8.10 10,000 dwt operating costs by main cost heads ($ per day).......................................................................................138
Table 8.11 10,000 dwt operating costs 2016 – by vessel age ($ per day).....................................................................................138
Table 8.12 10,000 dwt indicative operating costs 2016 ($ per annum).........................................................................................139
Table 8.13 550,000 cu ft fleet profile – 2016.................................................................................................................................140
Table 8.14 550,000 cu ft operating costs by main cost heads ($ per day)....................................................................................140
Table 8.15 550,000 cu ft operating costs 2016 – by vessel age ($ per day)..................................................................................140
Table 8.16 550,000 cu ft indicative operating costs 2016 ($ per annum)......................................................................................141

FIGURES

Figure 1.1 Drewry ship operating cost index (2000=100).................................................................................................................9

Figure 1.2 Cycles in shipping sectors: 2016...................................................................................................................................10
Figure 2.1 Main manning cost strands...........................................................................................................................................30
Figure 2.2 Drewry manning cost index...........................................................................................................................................30
Figure 2.3 Insurance cost strands..................................................................................................................................................38
Figure 2.4 Drewry insurance cost index.........................................................................................................................................38
Figure 2.5 Total annual losses........................................................................................................................................................38
Figure 2.6 Stores, spares and lubricating oil cost strands..............................................................................................................48
Figure 2.7 Drewry stores cost index...............................................................................................................................................49
Figure 2.8 Drewry spares cost index..............................................................................................................................................49
Figure 2.9 Drewry lube oil cost index.............................................................................................................................................49
Figure 2.10 Crude oil prices ($ per barrel)........................................................................................................................................49
Figure 2.11 R&m cost strands.........................................................................................................................................................51
Figure 2.12 Drewry r&m cost index..................................................................................................................................................51
Figure 2.13 Sembawang singapore shiprepair performance............................................................................................................52
Figure 2.14 China domestic hot rolled steel price ($ per tonne)........................................................................................................52
Figure 2.15 Management & administration cost strands...................................................................................................................53
Figure 2.16 Drewry m&a cost index.................................................................................................................................................53
Figure 3.1 500-700 teu operating cost index (base year 2000 = 100)......................................................................................... 54
Figure 3.2 1-2,000 teu operating cost index (base year 2000 = 100).......................................................................................... 56
Figure 3.3 2-3,000 teu operating cost index (base year 2000 = 100).......................................................................................... 58

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vi Ship Operating Costs | 2016/17 © Drewry

Ship Operating Costs
Tables and Figures Listings

FIGURES

Figure 3.4 3-4,000 teu operating cost index (base year 2000 = 100).......................................................................................... 60
Figure 3.5 5-6,000 teu operating cost index (base year 2000 = 100).......................................................................................... 62
Figure 3.6 8-9,000 teu operating cost index (base year 2004 = 100).......................................................................................... 64
Figure 3.7 10-12,000 teu operating cost index (base year 2007 = 100)...................................................................................... 66
Figure 4.1 30-35,000 dwt operating cost index (base year 2000 = 100)..................................................................................... 74
Figure 4.2 40-45,000 dwt operating cost index (base year 2000 = 100)..................................................................................... 76
Figure 4.3 50-55,000 dwt operating cost index (base year 2000 = 100)..................................................................................... 78
Figure 4.4 70-75,000 dwt operating cost index (base year 2000 = 100)..................................................................................... 80
Figure 4.5 100-110,000 dwt operating cost index (base year 2000 = 100)................................................................................. 82
Figure 4.6 170-180,000 dwt operating cost index (base year 2000 = 100)................................................................................. 84
Figure 4.7 220-250,000 dwt operating cost index (base year 2000 = 100)................................................................................. 86
Figure 5.1 30-35,000 dwt operating cost index (base year 2000 = 100)..................................................................................... 90
Figure 5.2 50-55,000 dwt operating cost index (base year 2000 = 100)..................................................................................... 92
Figure 5.3 70-80,000 dwt operating cost index (base year 2000 = 100)..................................................................................... 94
Figure 5.4 105-120,000 dwt operating cost index (base year 2000 = 100)................................................................................. 96
Figure 5.5 150-160,000 dwt operating cost index (base year 2000 = 100)................................................................................. 98
Figure 5.6 300-320,000 dwt operating cost index (base year 2000 = 100)............................................................................... 100
Figure 6.1 5-6,000 dwt operating cost index (base year 2000 = 100)....................................................................................... 102
Figure 6.2 8-9,000 dwt operating cost index (base year 2000 = 100)....................................................................................... 104
Figure 6.3 10-12,000 dwt operating cost index (base year 2000 = 100)................................................................................... 106
Figure 6.4 18-20,000 dwt operating cost index (base year 2000 = 100)................................................................................... 108
Figure 6.5 22-24,000 dwt operating cost index (base year 2000 = 100)................................................................................... 110
Figure 6.6 35-37,000 dwt operating cost index (base year 2000 = 100)................................................................................... 112
Figure 6.7 40-50,000 dwt operating cost index (base year 2000 = 100)................................................................................... 114
Figure 7.1 3-5,000 cbm operating cost index (base year 2000 = 100)...................................................................................... 116
Figure 7.2 6-8,000 cbm operating cost index (base year 2000 = 100)...................................................................................... 118
Figure 7.3 12-15,000 cbm operating cost index (base year 2000 = 100).................................................................................. 120
Figure 7.4 30-35,000 cbm operating cost index (base year 2000 = 100).................................................................................. 122
Figure 7.5 50-55,000 cbm operating cost index (base year 2000 = 100).................................................................................. 124
Figure 7.6 80,000+ cbm operating cost index (base year 2000 = 100)..................................................................................... 126
Figure 7.7 140-160,000 cbm operating cost index (base year 2000 = 100).............................................................................. 128
Figure 8.1 7-10,000 dwt operating cost index (base year 2000 = 100)..................................................................................... 134
Figure 8.2 15-20,000 dwt operating cost index (base year 2000 = 100)................................................................................... 136
Figure 8.3 10,000 dwt operating cost index (base year 2000 = 100)......................................................................................... 138
Figure 8.4 550,000 cu ft operating cost index (base year 2000 = 100)...................................................................................... 140

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