Ship operating costs 'rise 34%'.

(From Lloyds List)

SHIPPING costs have jumped 34% over the year, according to impending revisions from the Worldscale Association, writes Martyn Wingrove.

Shipping companies have had operating costs hit by ever rising oil prices as bunker fuel costs have rocketed during this year.

Worldscale, based in London and New York, has taken these rises into account for next year's tanker nominal freight scales, increasing the fuel costs used in its calculations for 2006, of 34%.

Worldscale uses one average bunker fuel price in its rate calculations. This will go up to to $231.50 per tonne in 2006 compared with $173 for 2005 scales, reflecting the latest bunker price rises.

Oil prices have risen around 45% this year as a combination of rapidly growing demand, tightening supply of crude, falling refining capacity and Gulf of Mexico hurricanes all taking their toll.

This has increased the cost of 380-centistoke fuels, used by Worldscale in its tanker nominal freight scale ...