The maritime industry is grappling with rising costs for vessel stores and spares as geopolitical tensions in the Red Sea force shipping routes to detour around Africa. This shift is compounding operational challenges and inflating procurement expenses.
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Drewry, a leading maritime research firm, reports that ships rerouting from the Bab-al-Mandab Strait to the Cape of Good Hope have driven up tonne-miles significantly. Additionally, the diversion away from the Suez Canal has disrupted established procurement routines, compelling operators to rely on South African ports, where costs for stores and spares are notably higher.
Data from Drewry’s latest research reveals that global stores and spares costs rose by 5.4% and 5.5% respectively in 2024. However, the firm notes that these increases stem from more than just route changes.
The report highlights a broader cost escalation trend driven by deferred maintenance and procurement backlogs. While prices have eased slightly from the peaks of 2021-2022, the ongoing shipbuilding surge continues to place upward pressure on these critical cost elements.
Adding to the complexity, geopolitical tensions and emerging regulatory demands are further straining global supply chains. Drewry warns that these factors could exacerbate cost increases for vessel operators.
Drewry’s “Ship Operating Costs 2024/25” report delves deeper into the issue, analyzing expenses across 47 vessel types, including container ships, bulk carriers, and tankers. The report examines key operating costs such as manning, insurance, stores and spares, and maintenance, offering invaluable insights for navigating these turbulent times.
As the industry braces for continued challenges, ship operators will need to adopt innovative strategies to manage rising costs and maintain efficient operations in an increasingly volatile global environment.
