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Ship Operations and Management

Ship Operating Costs Annual Report 2023/24


Oct 2023: Our Ship Operating Costs Annual Review and Forecast 2023/24 is now available to purchase from our online store.

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Advisory expertise

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Ship operations and management


Latest update: 01 Nov 2023

Vessel stores and spares costs to rise as a price inflation aftermath

While stores and spares spending has shown only a limited increase in recent years, we expect the effects of price rises seen in 2021 and 22 to appear in the short-to-midterm in the form of higher spending levels. Based on these driving factors, Drewry forecasts a steady average YoY rise of 3.2% in in stores and spares costs in the 2024-2028 period.

 

25 Oct 2022: Fewer seafarers, higher inflation – where are ship operating costs heading?

Demand for seafarers is still on the rise, while increase in supply is expected to be weaker in the future. At the same time, consumer price index growth remains elevated. Based on these driving factors, Drewry forecasts a steady increase in wages which will feed into ship operating costs.

 

07 Apr 2022: Hardening H&M insurance market to stoke higher ship opex inflation

Recent increases in hull and machinery (H&M) premiums are set to be repeated and some owners will face further significant insurance cost increases in 2022/23, as restructuring and re-pricing of the H&M market consolidates and syndicates continue to focus on raising their premium base. This comes on top of double-digit general increases announced by P&I Clubs.

 



We offer a unique combination of specialist expertise and experience to support the operational, technical and strategic needs of ship owners and operators.

Everyday operational and management concerns are clearly a vital dynamic of the maritime industry and every year Drewry's research team publish two comprehensive reports analysing and predicting operational overheads and specific management and resourcing considerations for owners, operators and other stakeholders.

 

Drewry's two annual management/operational reports:

Ship Operating Costs provides information and analysis of ship operating costs for 46 different ship types and sizes, while the annual Manning report reviews the trends in seafarer (officer and ratings) in the past decade and forecasts seafarer requirements five years ahead.


Meanwhile, our consultants typically provide shipowners, investors and leaders with technical due diligence support, in addition to other ship operations related advice.

An elite and diverse group of industry stakeholders from shipowners, to charterers, investors and financial intermediaries rely on our range of market research, sector expertise and commercial experience to help inform decisions, reduce costs and drive performance improvement.

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Key Contacts

Dr. Ferenc Pasztor

Dr. Ferenc Pasztor

Deputy Head of Research
Martin Dixon

Martin Dixon

Director, Head of Research Products

Key Contacts

Dr. Ferenc Pasztor

Dr. Ferenc Pasztor

Deputy Head of Research
Martin Dixon

Martin Dixon

Director, Head of Research Products

Latest Updates

Seafarer labour market tightest on record

Seafarer labour market tightest on record


Inflation stalks vessel operating costs

Inflation stalks vessel operating costs


Seafarer costs to accelerate on rising officer shortfall

Seafarer costs to accelerate on rising officer shortfall

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Manning Annual Review and Forecast 2023/24

Manning Annual Review and Forecast 2023/24


Annual Review and Forecast · Latest release 01 Jun 2023


Is seafarer supply matching the demand from today’s global fleet? Drewry Maritime Research’s Manning Annual Review and Forecast 2023/24 report tackles this critical question and sets out the facts concerning wage rates and terms of employment that dictate the cost of manning vessels today.

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Ship Operating Costs Annual Review and Forecast 2023/24

Ship Operating Costs Annual Review and Forecast 2023/24


Annual Review and Forecast · Latest release 31 Oct 2023


One of Drewry’s flagship reports, Ship Operating Costs 2023/24 provides one of the most complete annual assessments of ship operating costs available in a single source.

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