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Fleet size affects financial performance according to Moore Maritime Index

Fleet size affects financial performance according to Moore Maritime Index

PIRAEUS, 20 May 2020 – Moore Greece, an accounting and consulting firm specialising in the shipping, media and hotel sectors, released the first-ever Moore Maritime Index report on “Shipping trends based on the fleet size” that focuses on studying the possible trends and correlations between operating expenses, net income, vessel age, capacity and fleet size. 

The report was based on Moore Maritime Index, an exclusive statistical and analytics tool that collects data from more than 150 management companies and 1,500 vessels globally and was launched last October. Focusing on the dry cargo and tanker shipping sectors, the report aims to identify the possible relationships between fleet size and vessel operational performance.

Key findings:
  • Management companies with large fleets tend to manage younger vessels. 
  • Αverage managed capacity appears to be significantly higher in fleets of more than 20 vessels.
  • Larger fleets tend to be able to earn a higher Time Charter Equivalent (TCE).
  • There is no clear evidence that operating expenses, in total, decrease as fleet size increases although we can observe trends in certain categories.
  • Administrative expenses seem to be higher in fleets of more than 20 vessels.
  • Costs for scaling-up operations do not move in a linear manner.

"The study supports with numbers what we intuitively already know: that fleet size affects financial performance. More interestingly, it also hints that this relationship is not linear, therefore suggesting that there could be an optimal fleet size, for every category." said Costas Constantinou, Managing Partner at Moore Greece and Global Maritime Leader. "We are very excited and proud for this breakthrough and we will be further researching to establish whether this optimal fleet size can in fact be determined."

Constantinou continued: "Our report contains reliable data based on specific criteria that we believe are important and also ensure sufficient data depth on which to base our preliminary results. Our aspiration, however, is to act as a business companion, therefore we encourage our members to run their own data queries in MMI and seek information in order to obtain a more accurate view of the subject and gain further insights."

For more information, the full report “Moore Maritime Index: Shipping trends based on the fleet size” is available here. 

About Moore Maritime Index

The Moore Maritime Index (MMI), is our exclusive statistical and analytics tool on shipping operating costs and revenues of more than 1,500 vessels. We extract our data from the financial statements of ship-owning companies audited by Moore Global member firms, as well as from verifiable independent submissions from all around the world.

For more information, please visit the Moore Maritime Index page.

About Moore Greece

Moore Greece, an independent member of Moore Global, is an accounting and consulting firm specialising in the shipping, media and hotel sectors. Our wide range of services covers audit and assurance, tax consulting, governance - risk and compliance, IT consulting, transaction and outsourcing for the family owned businesses and entrepreneurs we serve. With over 120 professionals, deep knowledge and award winning proprietary tools, we can help clients improve efficiency and maximise profitability. By being the first international accounting firm in Greece with over 55 years of presence in the local market, we remain one of the most important and trustworthy firms in our industry.

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