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:
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