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Moore Maritime Index 2021

Moore Maritime Index 2021

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 2020 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 2020 data are the following:
  • The Dry Bulk sector revenues have decreased across all vessel types compared to 2019. Handysize, Handymax and Panamax bulk carriers presented a drop in revenues of 12% to 14%, while at the same time Capesize vessels have been the most adversely affected presenting a decrease in revenue of approximately 20%. Total operating costs presented a marginal increase in all dry bulk categories. The increase ranges from 1% to 3% in the various vessel categories and comes mainly from increased crew expenses due to the difficulties faced in 2020 in crew travelling and repatriation due to pandemic restrictions imposed all over the world.  Administrative expenses are also presented increased in 2020, while there has been a decrease in Repairs and Maintenance expenses for all dry bulk carrier types. Overall, 2020 was a year of reduced net results for the sector.
  • The Tanker sector, on the other hand, reported significantly higher revenues compared to 2019, with the larger in size vessels benefiting the most. The VLCCs reported the highest increase in the average daily income, due to the disruption with low oil prices and the increased demand for storage of oil during the first months of 2020. As far as the operating expenses are concerned, their movement was different depending on the type of tankers. Aframax tankers reported almost the same level of operating expenses with the prior year, while Handy, Pamanax and Suezmax tankers reported a decrease of 2% to 3%. The very large crude carriers (VLCC) on the other hand reported increased operating expenses. Overall, 2020 was a profitable year for the tanker sector.

To access the Moore Maritime Index, please visit