Operating costs down

International accountant and shipping consultant Moore Stephens said total annual operating costs in the shipping industry fell by an average 1.8% in 2012, compared with a 2.1% average rise in the previous year. There was a significant reduction in costs across all categories and it was clear ship owners had been focusing on managing costs and conserving cash in 2012. Moore Stephens said the bulker index was down by 7 points, or 3.9%, on a year-on-year basis, while the tanker index fell by 5 points, or 3%. The container ship index was meanwhile down by 3 index points, or 1.8%.