Australia's Maritime Petroleum Supply Chain
Establishing the cost for time charters
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- 1Ship operator costs and returns
13Establishing the cost for time chartersOwners will assess period rates against the spot market (converted into time charter equivalent terms)16 but will also take into account the supply/demand outlook and expected returns taking into account costs over which the Owner has no control (e.g. fuel). 1Ship operator costs and returnsTypical levels of costs estimated by Drewry for international operation currently covering crew, insurance, repairs and maintenance, stores and administration are shown in Table 7. Table 7: Costs for ship operation ($US 000/day)  Source: Drewry Maritime Research
From the spot market the income after bunkers and port costs are paid is the income the Owner receives. Returns on the asset (assessed on market rates for newbuild construction or the second hand market) from period chartering can be assessed taking into account market rates less operating costs. Table 8 indicates that returns over the last two years have been poor, reflecting the excess supply of tonnage in all tanker classifications. Table 8: Returns to ship owner  Source: Drewry Maritime Research
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