According to the Ship Operating Costs Annual Review and Forecast report compiled by Drewry Maritime Research, 2013 was another difficult year for the majority of ship operators.

The report also highlighted a likelihood of continued pressure in 2014 to keep any increase in operating costs to a minimum.

Nigel Gardiner, Managing Director of the Drewry Group said, “Poor freight markets have forced operators to keep any increases in ship operating costs to a minimum and our provisional data for 2013 suggests some success in this area. But looking ahead and given the expected outlook for the world economy and international shipping markets we expect to see operating costs rise by 2-3% per annum in the next couple of years.”

The rise in costs has been accredited to new international maritime conventions regarding safety, manning and the environment. To counter balance these increases to some extent, 2013 saw depressed hull values and static or weaker commodity prices which helped keep expenditure in check.