Wednesday, August 19, 2020

The NYFEX Report: Dry Cargo Operating Costs

In my inaugural survey of operating costs in the Dry Cargo Shipping Industry,  I found that Safe Bulkers (SB), Star Bulk Carriers (SBLK), and Genco Shipping & Trading (GNK) have consistently achieved lower operating costs than Scorpio Bulkers (SALT), Eagle Bulk Shipping (EGLE) and Diana Shipping (DSX).

The results of the survey are important because Dry Cargo Shipping companies with low cost structures have a tangible advantage over peers with higher cost structures, generating $15m to $30m in annual cost savings.

In the following survey, I ranked six publicly traded shipping companies based on their most recent 3-year average Daily Operating Cost (Vessel operating expenses plus general & administrative expenses, divided by the number of ownership days)

These three companies were the leaders:

And these these companies were the laggards: 

The link to the full article published on Seeking Alpha is:

Data were sourced from company press releases and/or SEC filings, or they were estimated by NYFEX Research if not readily available. Data are believed to be accurate but with no warranty, express or implied.

This article, including the information contained herein, is the intellectual property of Lambros Papaeconomou and NYFEX Research and it may not be copied, reproduced, republished, or posted in whole or in part, in any form, without prior written consent.