EMEA News
Rising Lube Costs to Ease in 2023
The cost of lubricants for ships' engines climbed by 15% in 2022 adding to the overall rise to the cost of running a ship, Drewry shipping analyst has said.
Limited supply of material caused by global factors plus high crude values were behind the double digit increase, according to senior research analyst Latifah Ogbinosun.
The preceding year recorded a 5.2% rise with a 5% increase slated for 2023, Ogbinosun said.
The outlook on the cost of lubes, which account for around 5% of the overall cost of running a ship, forms part of Drewy's annual review of ship operating costs.
Other segments showing increases in 2022 include insurance, up by 8%, and drydocking, up by 5.7%. Management and administration costs are expected to climb in the coming years as new ship efficiency rules come into force.
According to Drewry, the average rise in operating costs last year was 2.2%.
