Increasing fleet operating costs creates the need for savings at all-time high

2 min read
04 Dec 2019

Average daily operating costs across the 46 different ship types and sizes increased by 2.2% in 2019, compared to increases of just 1.1% and 0.7% in 2018 and 2017 respectively. This was estimated by Drewry, maritime research consultancy, in their Ship Operating Costs Annual Review and Forecast 2019/20 report.

Ultimately, BDO, Accountancy and Business Advice, offers a chance to glimpse into the future. In the firm’s latest annual Future Operating Costs Survey, it is estimated for 2020 that the highest operating cost increases are those amounting to 3.8% which are expected in the offshore sector. Operating costs for container ships are expected to rise by 3.0% in 2020, and for bulk carriers and tankers by 2.7% and 2.1% respectively.

One of the biggest concerns brought up by respondents (25%) to the survey is the cost of regulatory compliance. It is followed by finance cost, crew supply and competition.

In the given digital environment, which the industry has been embracing, the latter indeed is being enhanced with the pressure for savings at all-time high. Every solution ensuring savings brings the urgently needed competitive advantage.

The simplest for implementing and the most efficient of them all is Wärtsilä Fleet Operations Solution. Based on the ECDIS, which any vessel already has on-board, it then urges connecting it. This, in turn, makes it possible to use unlimited onshore computation power to share and integrate all the relevant onboard data with onshore fleet operation functions, leading to improved voyage planning, tracking and situational awareness, more robust compliance and reporting, voyage optimisation and benchmarking and enhanced asset management.

It all comes down to saving even that crucial 1% by means that are already at hand and serve for simplifying and optimising processes, rather than luring into complications.

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