The
Moore Maritime Index “MMI”, a database that contains operating costs and revenues from more than 1,500 vessels, has been updated and is available with the 2021 data.
The data comes from audited financial statements of ship owning companies only, and therefore the results produced by the Index show the “real world” of financial performance of the shipping industry across more than 20 vessel types.
The key findings based on 2021 data are the following:
- The Dry Bulk sector reported significantly higher revenues across all vessel types compared to 2020, reaching up to +150% for Handy vessels. Total operating costs presented a slight increase of +6% in all dry bulk categories. This is mainly attributed to an average increase of +4% in the crew costs, insurances increased by 12% on average, while stores, lubricants, repairs, maintenance and administrative expenses were also higher in 2021. Management fees are the only part of the operating expenses which were reportedly decreased compared to 2020. They dropped by 2% in smaller vessels and by 5% in the larger vessels. Overall, 2021 was a strongly profitable year for the bulk carriers’ sector.
- The Tanker sector, on the other hand, reported significantly decreased revenues compared to the prior year, since 2020 was a year of skyrocketed rates for the sector. The larger in size vessels were affected the most, with the VLCCs having reported a drop in the average daily income of up to 76%. As far as the operating expenses are concerned, their movement was different depending on the type of tankers. Small, Handys, Aframax and Panamax tankers reported an increase of 3% to 6% in operating expenses while Capesize tankers reported a small decrease compared to last year. The same picture is presented for the crew and insurance expenses, while management fees reported a significant decrease in the smaller tankers.
To access the Moore Maritime Index, please visit
moore-index.com.