SHIPPING NEWS

Ship operating costs fell for the first time since 2002 as last year"s global recession cut owners" spending on repairs, insurance and naval stores, consultant Moore Stephens LLP said in a report. Running costs in 2009 declined 2 percent and for every ship type except so-called reefers that transport refrigerated cargo, Moore Stephens said yesterday in an e-mailed report. The data were derived from 2,550 vessels. The only cost to increase was crewing, which gained by the most since the first study was published in 2000.

"The period covered by the report embraces the very peak of the worldwide economic recession," Moore Stephens partner Richard Greiner said in the report. "The effects of that can be seen in each of the cost categories."

Container ships had the largest drop, declining as much as 8.9 percent to $7,473 a day. Costs for very large crude carriers, or VLCCs, fell 1.5 percent to $10,645 while iron ore carrying capesizes declined 2.7 percent to $7,312.

The amount owners had to spend on repairs and naval stores fell for all vessel types, with container ships again having the largest decline, according to the report. Naval stores includes items such as food.