Scribd Logo
Upload

Welcome to Scribd!

  • 134 views

    07 Analysis of Daily Vessel Costs

    Uploaded by

    lavkesh
    Pacific Basin Shipping Limited provided an interim report on their market and business performance in 2015. They analyzed their daily vessel costs, which is a major component of their total costs. Their blended daily vessel costs for Handysize vessels decreased 4% to $7,870 due primarily to reduced operating and maintenance expenses. For Handymax vessels, blended daily costs decreased 25% to $8,330 due to delivery of more efficient owned vessels and a reduction in chartered vessels. The report also discussed vessel operating commitments, technical downtime, and index-linked charters secured during the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    07 Analysis of Daily Vessel Costs

    Uploaded by

    lavkesh
    134 views1 page
    Pacific Basin Shipping Limited provided an interim report on their market and business performance in 2015. They analyzed their daily vessel costs, which is a major component of their total costs. Their blended daily vessel costs for Handysize vessels decreased 4% to $7,870 due primarily to reduced operating and maintenance expenses. For Handymax vessels, blended daily costs decreased 25% to $8,330 due to delivery of more efficient owned vessels and a reduction in chartered vessels. The report also discussed vessel operating commitments, technical downtime, and index-linked charters secured during the period.

    Original Description:

    Vessel costs

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Pacific Basin Shipping Limited provided an interim report on their market and business performance in 2015. They analyzed their daily vessel costs, which is a major component of their total costs. Their blended daily vessel costs for Handysize vessels decreased 4% to $7,870 due primarily to reduced operating and maintenance expenses. For Handymax vessels, blended daily costs decreased 25% to $8,330 due to delivery of more efficient owned vessels and a reduction in chartered vessels. The report also discussed vessel operating commitments, technical downtime, and index-linked charters secured during the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    134 views1 page

    07 Analysis of Daily Vessel Costs

    Uploaded by

    lavkesh
    Pacific Basin Shipping Limited provided an interim report on their market and business performance in 2015. They analyzed their daily vessel costs, which is a major component of their total costs. Their blended daily vessel costs for Handysize vessels decreased 4% to $7,870 due primarily to reduced operating and maintenance expenses. For Handymax vessels, blended daily costs decreased 25% to $8,330 due to delivery of more efficient owned vessels and a reduction in chartered vessels. The report also discussed vessel operating commitments, technical downtime, and index-linked charters secured during the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Pacific Basin Shipping Limited Interim Report 2015 Market & Business Review

    Analysis of Daily Vessel Costs


    The cost of owning and operating dry bulk ships is the major component of our Groups total costs, and our ability to
    maintain good control of these daily vessel costs has a significant bearing on our operating margins and our financial
    performance overall. We provide below a short analysis of our daily vessel costs for a better understanding of their
    components and development.

    Handysize Daily Vessel Costs Opex The daily opex element of our vessel costs decreased 4%
    Blended US$7,870 (FY2014: US$8,750) for Handysize and 9% for Handymax mainly due to the quality and
    increased number of our owned ships leading to reduced repair
    (excluding direct overheads)
    and maintenance costs and increased procurement efficiencies.
    Owned Chartered
    US$/day
    Depreciation Daily depreciation (including capitalisation of dry-
    10,000
    8,510 8,460
    8,930 docking costs) increased due to the delivery of our newer, larger
    8,000
    1,210 1,210 7,380
    vessels.

    6,000
    2,930 3,040
    Finance costs Handysize daily finance costs were substantially
    4,000 4,370
    4,210 unchanged compared to 2014. Handymax daily finance costs
    2,000 increased due to the allocation of higher finance costs to this
    vessel type.
    0
    2014 1H15 2014 1H15

    Vessel days 23,880 12,130 32,850 14,820


    Charter-hire Chartered-in days represented 55% and 74% of
    42% 45% 58% 55%
    our total Handysize and Handymax vessel days respectively. Our
    Opex Depreciation Finance costs Charter-hire Handysize chartered-in days decreased 7% to 14,820 days (2014:
    16,010 days) while our Handymax chartered-in days decreased
    17% to 7,570 days (2014: 9,170 days). We reduced our use of
    Handymax Daily Vessel Costs
    chartered vessels with the delivery of our vessel purchases.
    Blended US$8,330 (FY2014: US$11,050)
    (excluding direct overheads)
    Daily cash cost Our average owned and chartered daily cash
    cost excluding direct overheads was US$6,730 (2014: US$7,890)
    Owned Chartered
    US$/day for our Handysize fleet and US$7,880 (2014: US$11,140) for our
    12,000
    11,810 Handymax fleet. With the delivery of our committed newbuildings,
    the number of Handysize and Handymax owned vessels days in
    10,000
    8,610 8,300 8,340 2015 are expected to increase to 24,970 and 5,650 respectively.
    770
    8,000 840

    6,000 3,490 3,510 Direct overheads Our chartering, operations and technical
    4,000 staff overheads and office costs related to our dry bulk ships
    4,350
    2,000
    3,950
    amounted to US$24.6 million (2014: US$24.7 million). Spread
    0
    across our vessel days, the aggregate overhead translated
    2014 1H15 2014 1H15 into a 6% increase in daily cost to US$660 per day (1H 2014:
    Vessel days 5,350 2,720 17,190 7,570 US$620 per day). The increased daily cost was due to the higher
    24% 26% 76% 74%
    proportion of owned ships and the subsequent increase in
    Opex Depreciation Finance costs Charter-hire in-house technical staff costs.

    Page 17
    Vessel Operating Lease Commitments
    Analysis of our long-term, short-term and index-linked inward
    charter commitments

    During the period, we secured 4,470 Handysize vessel days (2014: 6,090 days) and 750 Handymax vessel days (2014: 1,350
    days) via variable-rate, inward charters with rates linked to the Baltic Handysize and Supramax indices. These index-linked
    vessels represented 30% and 10% of our chartered Handysize and Handymax vessel days respectively.
    Our fleet of owned and finance-leased dry bulk vessels experienced an average 0.9 days (FY2014: 0.4 days) unplanned
    technical off-hire per vessel during the period.

    10

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy