Shipping total operating costs are expected to grow by 2.7% in 2018 and 3.1% in 2019, according to a survey by Moore Stephens, one of the world's largest accounting and business advisory networks.
In particular, a dry dock installation is a cost category that is likely to grow most in 2018 and 2019. The increase will be 2.1% and 2.3%, respectively. For comparison, the cost of repairs and maintenance will increase by 2.0% in 2018 and 2.3% in 2019.
Expenses for crew salaries will also grow by 1.3% in 2018 and by 1.9% in 2019, while other expenses will be 1.5% in 2018 and 1.8% in 2019 more.
Moore Stephens notes that the estimated total cost increase will be significant in coastal zones, where they will average 4.1 and 4.2% for 2018 and 2019 respectively. In contrast, the projected increase in value in the bulk cargo sector is 1.8% and 2.6% for the respective years. Operating costs for tankers are expected to increase by 2.4% in 2018 and by 2.9% next year, while the corresponding figures for container ships will be 4.2% and 3.8%.
Respondents also expressed concerns about the impact on the shipping industry of environmental issues, trade wars, financial support prices and the global economic downturn, which could lead to increased operating costs.