PIRAEUS, 30 October 2020 –
Moore Greece, an accounting and consulting firm specialising in the shipping, media and hotel sectors, announces that 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 2019 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.
Key findings:
- The Tanker sector performed significantly higher on revenues compared to 2018, with the larger in size vessels benefiting the most from the buoyant 2019 tanker market as the revenues of the Suezmaxes increased by almost 50%. Operating costs remained stable overall, with crew costs, repairs, stores and administrative expenses presenting marginal decrease, perhaps aided by the strong dollar, which hedged the higher cost of lubricants and insurance. As a result, the net earnings of the Tankers’ sector improved considerably compared to 2018.
- The Dry Bulk sector revenues, on the other hand, have decreased across all vessel types. Handys have been the most adversely affected presenting a decrease in revenue of approximately 12%, while the Capes were the best performing category with a decrease of only 4%. Operating costs followed the same pattern with Tankers remaining rather unchanged overall compared to 2018 which, combined with the falling charter rates, resulted in decreased net earnings ranging between 25% in the Handy and 10% in the Capesize category.
- Drydocking and Special Survey costs increased in both sectors as have the average number of days in drydock/special survey, perhaps reflecting the increased costs of installing Ballast Water Treatment Systems and Scrubbers during 2019.
“Although the above is an accurate description of the results, I must stress that every vessel type has its own unique characteristics and one should use the statistical tools offered by the Index to get a better understanding of how costs have behaved and why they have done so” warns Mr. Costas Constantinou, Global Maritime Leader at Moore Global Network and the person responsible for MMI. “MMI is a free, easy to use online platform and I encourage people to register and use its functionality to get answers customised to their specific needs.”
Constantinou continued: “As this is the second year of the MMI we can now start analysing costs over time enabling us to examine more correlations, which will help us better understand how costs behave. We plan to publish more studies similar to the
“Cost by Fleet Size”, released a couple of months ago.”
For more information, the Moore Maritime Index 2020 brochure is available
here.
To access the Moore Maritime Index database, please visit
moore-index.com.
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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About Moore
At Moore, our purpose is to help people thrive – our clients, our people and the communities they live and work in. We’re a global accounting and advisory family of over 30,000 people across more than 250 independent firms in over 110 countries, connecting and collaborating to take care of your needs – local, national and international.
Media Contacts
Costas Constantinou
Global Maritime Leader
+30 213 0186 100
costas.constantinou@moore.gr