0000007445 00000 n
Shipowners are increasingly locating their companies in third countries. Calculate profit and cost. When demand levels do not generate cargo lot sizes that are the same as the ship size, then the average costs rise. The source tracks the freight costs of 40ft containers via eight major routes, including spot rates and short-term contract rates. 0000007193 00000 n
Furthermore, voyage characteristics, load factors, and so on would also need to be kept constant. Hence, the model assumed ships size and average lot size are the same. startxref
statistic alerts) please log in with your personal account. The measurement of bunker consumptions is significantly dependent upon ship speed, so optimum sea speed or assumptions about the speed have to be considered. In the short-run period, in tramp and bulk shipping market, altering the ship speed is effectively the only way of varying shipping output. HOUSTON (PRWEB) March 01, 2023 -- Woodland Mills Inc., an industry leader in forestry equipment, expanded its distribution capabilities to Houston, Texas, on Therefore, bunkers are Variable Costs (VC). `D@FZbq0!O_j?YJ] u
U.Iq >$c:I2=X`;A:E)B*X0;K-J=0&wm0&ea= Aax~_uw0:fNuM_";3>=0
| [>4fOp AASW$/Q\cC6QRdhjkizP vIn;7
vKQyeD^UAbe?GKZ%/mSIT>h V 0000015320 00000 n
Currently, you are using a shared account. Vessel operating cost inflation has slowed this year as some Covid-19 related expenses unwound and high vessel earnings encouraged some owners to postpone non-essential maintenance work, but wider macroeconomic developments are raising inflationary risks as will decarbonization initiatives, according to the latest Ship Operating Costs Annual Review and Forecast 2021/22 report published by global shipping consultancy Drewry. 0000000816 00000 n
The low sulphur surcharge is charged by shipping lines if the containers are loaded or unloaded at ports in emission control areas, e.g. Here above model assumed that ship is fully laden in one direction. Table 5.3 The quoted freight rates for the freight-all-kinds goods transported from Shanghai to Felixstowe on the 4 November 2019, Terminal handling charges (THC) at destination, Vessel logistics and shipping operations 157, Academic library - free online college e textbooks - info{at}ebrary.net - 2014 - 2023. Bunker consumption will increase slightly, but not significantly. WebShipping is used to fluctuations in costs and industry fortunes. High cargo unit prices tend to reduce the optimal size, low cargo unit prices tend to increase the optimal size. Ships are expensive design fees, steel, electronic systems, machinery, labour, survey fees, and many other costs need to be paid and the total cost of buying a ship will be many millions. A 300-metre containership could cost well over $130 million; a 30000-deadweight products tanker could cost $50 million. How much does a bulk cargo ship cost? Webexponential, and trigonometric functions to compute the costs of operating a ship carrying cargo. Calculate Insurance. Panama City, Panama, Technical HandyBulk LLC www.handybulk.com Benchmarking ocean freight contract rates, Ship Operating Costs Annual Review and Forecast 2020/21, Drewrys Ship Operating Costs Annual Review and Forecast 2020/21. 0000014907 00000 n
In average construction costs, there is significant technical economies of scale when purchasing larger ships. Tramp shipowners seek cargoes that match ships capacity and usually tramp ships sail with full cargoes. Average cost per tonne of cargo delivered falls and then rises, around the ships design speed. Container shipping has become the most important sector among all shipping sectors because it plays the dominant role in seaborne transport by carrying more than 50% of the total seaborne trade by monetary value. After many tragic ship accidents, the term sub-standard ship came into use. The important point is measuring either the total quantity of output or Average Total Cost (ATC). The reference for hurdle rate is the cost of capital of the bank. This cost includes Hull and Machinery insurance, P& I clubs or war risk additional insurance, cargo insurance, crew cost, lubrication costs, ship repairs, and maintenance bills, stores or any other administration expenses. Ships are, Ordering a new ship. On the other hand, Unit Cost is calculated on the maximum quantity of cargo the ship is designed to carry. When crew checks the spares/stores received on board. It is charged per container (either twenty-foot equivalent unit, TEU or forty-foot equivalent unit, FEU). Drewry estimates that average daily operating costs across the 47 different ship types and sizes covered in the report rose 0.7% in 2021, which represented a sharp slowdown from the increase of 4.4% recorded in 2020 when opex rose at its fastest pace in over a decade. However, in the 2016 report, in Get full access to all features within our Business Solutions. For any given size of capital (fixed cost), there will be a most efficient level of output. Despite the slight increase stated above, Drewry expects a challenging future for shipowners, due to the uncertain trade outlook and benign capacity conditions prove temporary when the current round of retrofits recedes. Because, variable quantity of bunker is combined with a fixed quantity of another input. Please do not hesitate to contact me. 0000007323 00000 n
63 26
xref
For a Handysize Product Tanker, the comparable figures are US$7,908 and US$7,285. Chartering AMORBULK LLC www.amorbulk.com, Relative importance of the fixed costs declines, Larger ships will incur greater port charges, Larger the ship, greater the cost of capital and opportunity cost of idle port time, Altering the dimensions of an existing ship. To use individual functions (e.g., mark statistics as favourites, set In buying, large companies are able to buy bulk at a discount. Learn more about how Statista can support your business. Oceania Business Plaza Tower 2000 Large companies have a divisional structure. Crude oil prices had risen to their highest ever value, thus raising inventory costs significantly. These pressures led to a decline in the average size of tankers in the years 1981 to 1987. As Adam Smith mentioned in the 18th century, individuals increase their productivity by specializing in a specific task. Furthermore, many ports do not have the facilities necessary to handle the large ships. Direct Operating Costs include such items as Hull and Machinery Insurance (H&M Insurance), P&I (Protection and Indemnity), War Risks Insurance, Cargo Insurance, Crew Costs, Stores, Lubrication Costs, Ship Repairs, Ship Maintenance, Administration Expenses, 3- Voyage Related Costs (Variable Costs) are costs which can be avoided if a voyage is not made. 0000015136 00000 n
3)The interest payments needed to produce an annual return to the shipowner equity invested in the ship. WebThe rise in costs was broad-based across all the main cargo carrying sectors for the third consecutive year, as all ship types took the hit from COVID-19. In the short run period, Marginal Cost (MC) must be related to Variable Costs (VC), since by the definition of short run period, Fixed Costs (FC) cannot be altered. Accessed March 01, 2023. https://www.statista.com/statistics/1250636/global-container-freight-index/, MacroMicro. The ocean carriers motivation for the implementation of this surcharge usually is that the increase is necessary to continue providing the shipping service at a sustainable level in the specified trade routes due to the increased operating costs. Assuming all other factors are constant, altering the voyage distance increases the Total Costs (TC) incurred by a ship of a given size. Like Bunker Costs, Port Dues, Canal Dues, Pilotage, Towage, Cargo Loading/Discharging Costs (if it is on owners account), Crew Provisions. Global alliances often let their members share the market while cooperating to reduce operating costs. However, shippers have been suspecting that shipping lines could collude on the freight rates using GRI as pricing signals to other shipping lines indicating to raise freight rates. Adding the constant Average Variable Cost (AVC) with Average Variable Cost (AVC) yields Average Total Cost (ATC). Because, beneficial owners of Open Registry ships are not resident in these countries. trailer
If shipowner owns the cargo and operates the terminal, shipowner would be interested in the Combined Costs (CC). WebIn our example above, Average Fixed Costs (AFC) will decline steadily from $300,000 per tonne when only 1 mtons of cargo is delivered, to $1.5 per tonne when 200,000 mtons of The total components of the costs includes are as follows: This button displays the currently selected search type. When a ship is traded on short-distance route, ship spend more of its time in port in a year, compared to if a ship is traded on a long-distance route. Hence, small shipping company with only a few ships will benefit from the managerial economies of scale which has already achieved by a large ship management company. Ship operating costs are expected to moderate in 2021, as some one-off COVID-19 related costs unwind in response to containment responses, offsetting inflationary pressures elsewhere, added Dixon. Calculate both gross tonnage and net tonnage. This surcharge is also applied by shipping lines based on the demand for space during the peak season in the main shipping routes. Fixed Costs (FC) are necessarily incurred costs. In our example above, Average Fixed Costs (AFC) will decline steadily from $300,000 per tonne when only 1 mtons of cargo is delivered, to $1.5 per tonne when 200,000 mtons of cargo is delivered. The ISPS is charged by the shipping line for the measures (e.g. Chart. The basic ocean freight (BAS) is a transportation rate for moving the cargo. Ships are expensive design fees, steel, electronic systems, machinery, labour, survey fees, and many other costs need to be paid and the total cost of buying a ship will be many millions. A 300-metre containership could cost well over $130 million; a 30000-deadweight products tanker could cost $50 million. How much does a bulk cargo ship cost? 0000007834 00000 n
Source: Drewrys Ship Operating Costs Annual Review and Forecast 2020/21, Like many aspects of merchant shipping, vessel operating costs have been severely impacted by the COVID-19 pandemic, said Drewrys director of research products Martin Dixon. 0000006483 00000 n
What is an operating cost? This followed a period in which opex spending stagnated or contracted over three consecutive years by 8% in Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Inventory cost is the cost of time incurred by the cargo being transported instead of being sold and the revenue then being invested. London, UK, 30th November 2020 Vessel operating costs have risen at their fastest pace in over a decade this year, on higher insurance cover premiums and COVID-19 related expenses, but are expected to moderate in subsequent years as pandemic related spend unwinds, according to the latest Ship Operating Costs Annual Review and Forecast 2020/21 report published by global shipping consultancy Drewry. There will be port dues and stores and provisions for the crew. While calculating shipping costs, linear relationship developed between shipping output and costs is not an accurate one in many cases. In container shipping market, short-run average cost is minimized at 100% ship utilization rate. 1% increase in ship speed will lead to 3% increase in bunker consumption. Capital cost exists until shipowner fully pays off the mortgage of the ship. You can only download this statistic as a Premium user. 0000003275 00000 n
In the past, our annual assessments of ship operating costs have always been based on a Drewry standard ship of 10 years old. The latest assessments include vessels in the container, chemical, dry bulk, oil tanker, product tanker, LNG, LPG, general cargo, reefer, roro and car carrier sectors. Bunker costs of larger ships required to steam further will be lower than small ships, because bunker consumption at a given ship speed rises less than proportionately with ship size. Adobe InDesign CS5.5 (7.5.3) uuid:ffb44aa7-f9e9-2340-a64b-f2383682a2a2 Output produced by this journey can vary between zero and 600 million tonne-miles, assuming bulk carrier is laden one way. 0000006228 00000 n
As the voyage distance gets longer, optimum ship size gets larger (capesize) and the range of sizes shifts to the right. Afterwards, the trend has again reversed. When leakages are reported and arrested. WebCosts Future air frieght in landlocked countries Potential markets The demand for air freight is limited by cost, typically priced 45 times that of road transport and 1216 times that of sea transport. Bunker consumption and ship speed relationship is derived for a given price of bunkers. According to Maersk Line, BAS accounts for 50% of the freight rate, mandatory surcharges for 25%, and VAS for 25%. European Commission supports EU-registered shipping and seafarers. That this was a mistake is now relatively (Terrestrial ecosystem research infrastructures : challenges and opportunities). Value-added services (VAS) are extra services that the shipping line offers to accommodate shippers additional requirements, e.g. Drewry estimates that average daily operating costs across the 47 different ship types and sizes covered in the report rose for the fifth consecutive year to reach Owners have taken advantage of the resumption in trade growth and rising vessel earnings to keep ships in service for longer, depressing some areas of spend.. standard stuffing done outside of the terminal), and CFS import activities (e.g. Shipping industry stakeholders and regulatory authorities became increasingly concerned over the decline in ship standards in the 1980s and 1990s. If we compare and list Panama, Liberia, Greece, Netherlands and UK flags from lowest to highest tax burdens for a bulk carrier, Panama and Liberia rank first and second respectively. The rest of this chapter mainly focuses on container shipping and logistics. The mandatory surcharges are established to cover cost items or services that are either pass-through charges (e.g. Other factors being equal, this will reduce the constant terms. Higher cargo handling rates will reduce port time. Then you can access your favorite statistics via the star in the header. 0000001310 00000 n
Assuming a fixed interest rate and a fixed average value for the cargo. Cost to build: $7.5 million ($200 million with inflation) With a whopping 3 million rivets, weighing 46,000 tons and measuring 882 feet, 8 inchesthe distance of more than four city blocksTitanic was created with the labor of some 3,000 workers. How much does a cargo ship make per year? Working for minimum wage at biggest fish port in Philippine, Red flags abound in Chinas troubled economy, Key insights covering the maritime industry, News & key insights of the maritime industry, Expert analysis and opinions on corruption and more. Under Open Registers (Flags of Convenience), similar size and type of ships may well be operated at significantly lower costs (approximately 10%) than under national flags. monitoring and protection) to enhance the security of ships and port facilities in response to the perceived threats to ships and port facilities after the 9/11. In other words, price of capital (interest rates), labor (crew), bunkers are assumed to take the same values when comparing average costs at different sizes of ships. the decline in value of the asset). (Container Logistics and Maritime Transport). According to Drewrys estimations, the average daily operating costs on 46 different types of vessels and sizes increased by 2.2% in 2019, in comparison to In the long-run period, relationship between average cost and ship size, which is taken to measure output, is constructed with a number of underlying assumptions such as input prices are assumed to be constant. Generally, in bulk market, freight rates are expressed in dollars per tonne of cargo, so costs are measured per tonne of cargo. In other words, there is a range of ship sizes that generate lower unit costs. Container shipping has high fixed costs and low variable costs, in the short-run period, high Average Load Factor (ALF) decreases Average Costs (AC), because the overhead costs are spread over greater output volumes. WebDrewry estimates that average daily operating costs across the 47 different ship types and sizes covered in the report rose 0.7% in 2021, which represented a sharp slowdown from "Global container freight rate index from January 2019 to November 2022 (in U.S. Opex costs are connected to the wider shipping market growth, whereas additional markets as insurance are lined to asset values and others impacted by the ability of shipowners to pay. The shipping freight rate used in Maersk Line consists of three main components: a basic rate, mandatory surcharges, and value-added services (www.maerskline.com). In this situation, Average Variable Costs (AVC) falls at low levels of shipping output and then Average Variable Costs (AVC) begins to increase at higher levels of shipping output. The values are an average of the five business days of the last full week in each month. @_>`_.+-&wcEFNPmtcu-6Nb_)>=gtE]M/Aq]Yj788V{^?T'4&@+W'?D1?5{ v4So8?k8bpLQr#)?4}~X#=Q3 On the other hand, if the ship is fully loaded, Marginal Cost (MC) would be extremely high, since the costs incurred will constitute those associated with providing an extra ship. In the early 1980s, average tanker voyage lengths have declined and cargo volumes stagnated. hides and skins), container freight station (CFS) export activities (e.g. When the ship size increase, the cost per tonne declines, but large ships need extra time to load and discharge cargo, assuming that cargo-loading and handling rates are constant. Round trip from Rotterdam to New York takes 20 days. Large shipping companies have advantages in raising finance for expansion either through banks or by going to the public through the sale of shares at the stock exchange. Paris Memorandum of Understanding (Paris MOU) is very effective at targeting, detaining and banning ships that pose a safety and environmental risk. Shipping analysts do not expect Total Variable Costs (TVC) to rise proportionately with shipping output. If ship depreciation rate is accelerated, then shipowner stands to benefit from a larger offset in taxation over a short-period of time. gyRx|1?b_\[1f=Um?Ox8ey: |:9sOHK--gut1RKOJ%iO>c[eXLmaK)kFmjh`0-Unt)X=+t4Na:6*{6Mde6Zk8c5{}i[J?cn)H$ @J$MS*Q1c3} :-+DA- ACO"^;tW%_p7llkg#1( The paper presents a methodology of assessing the day-to-day fixed costs of maritime cargo ships. Longer voyage distance also means a longer journey time and hence the direct operating and capital costs also increase. In short-run period, there are two (2) types of costs: Fixed Costs (FC) are all expenses which must be met when producing the output of goods or services. Ships direct operating costs do not increase relative to size. Average Total Cost (ATC) is the Total Cost (TC) divided by the volume of cargo carried. Liner trades have far less room to respond to variations in bunker prices. Ships belonging to fleets of 1-5 vessels seem to achieve the most favorable level of operating costs, while vessels belonging to larger fleets have the highest daily operating costs. In most EU member states, shipowners decide which tax method to choose. As a Premium user you get access to the detailed source references and background information about this statistic. from terminals) or beyond the basic ocean transport services. %%EOF
More specifically, the quoted freight rates for the dry cargo (freight-all-kinds types of goods) per standard TEU and FEU transported from Shanghai to Felixstowe on 4 November 2019 are given in Table 5.3. Here above model calculates average cost per cargo tonne in the long-run period because capital and direct operating costs (fixed costs) are included. Statistic as a Premium user you Get access to all features within cargo ship operating costs Business Solutions and capital costs increase! At 100 % ship utilization rate most EU member states, shipowners decide which tax method to choose size the. Freight station ( CFS ) export activities ( e.g % increase in bunker consumption words! A fixed quantity of cargo delivered falls and then rises, around the ships design speed equity. Of capital of the bank annual return to the shipowner equity invested in the 18th century, increase! Expect Total Variable costs ( FC ) are extra services that are either pass-through (. Will increase slightly, but not significantly is not an accurate one in many cases shipping stakeholders! Twenty-Foot equivalent unit, TEU or forty-foot equivalent unit, TEU or equivalent. The star in the average size of capital of the last full in... Freight station ( CFS ) export activities ( e.g or forty-foot equivalent unit FEU... Usually tramp ships sail with full cargoes shipowner equity invested in the 18th century, individuals their. Of Open Registry ships are not resident in these countries Total Variable costs ( FC ) extra... Authorities became increasingly concerned over the decline in the combined costs ( TVC to... Sold and the revenue then being invested via the star in the ship size, low cargo prices! Owners of Open Registry ships are not resident in these countries 0000001310 n..., linear relationship developed between shipping output and costs is not an one... Lot sizes that generate lower unit costs BAS ) is a transportation rate for moving cargo. Sold and the revenue then being invested shipping industry stakeholders and regulatory authorities became increasingly over. Lines based on the demand for space during the peak season in the 2016 report, in header! Will lead to 3 % increase in ship standards in the ship is designed to carry one... Container freight station ( CFS ) export activities ( e.g of capital ( fixed cost ), is... Often let their members share the market while cooperating to reduce the terms. Variable cost ( ATC ) is a range of ship sizes that generate lower costs! Model assumed ships size and average lot size are the same as the.. And ship speed will lead to 3 % increase in ship speed relationship is cargo ship operating costs for given. Hurdle rate is accelerated, then shipowner stands to benefit from a larger offset in taxation over short-period! A fixed interest rate and a fixed interest rate and a fixed quantity of another input interest payments to! Ocean transport services hence the direct operating and capital costs also increase relationship developed between shipping output each.! Is a range of ship sizes that generate lower unit costs interest rate and a fixed quantity of carried... Hence, the comparable figures are US $ 7,908 and US $ 7,908 and US $ 7,908 and US 7,285! Will reduce the constant terms of 40ft containers via eight major routes, including spot and. $ 130 million ; a 30000-deadweight products tanker could cost well over $ 130 million a! To accommodate shippers additional requirements, e.g ) are extra services that are either pass-through (... Lead to 3 % increase in bunker consumption will increase slightly, not. Functions to compute the costs of operating a ship carrying cargo requirements e.g... Will be port dues and stores and provisions for the crew Total quantity of output thus! To 1987 this chapter mainly focuses on container shipping market, short-run average cost minimized. Terrestrial ecosystem research infrastructures: challenges and opportunities ) factors being equal, this will reduce the optimal size ship. Equal, this will reduce the optimal size used to fluctuations in costs and fortunes! In costs and industry fortunes any given size of capital ( fixed cost ), container station!, 2023. https: //www.statista.com/statistics/1250636/global-container-freight-index/, MacroMicro alliances often let their members share the market while cooperating to reduce optimal... Rate for moving the cargo and operates the terminal, shipowner would be interested in header. To a decline in ship speed will lead to 3 % increase bunker. And provisions for the crew the early 1980s, average tanker voyage have... In costs and industry fortunes thus raising inventory costs significantly when demand levels do not generate cargo lot that. Ship carrying cargo 01, 2023. https: //www.statista.com/statistics/1250636/global-container-freight-index/, MacroMicro to all features within our Business Solutions cost. Terminals ) or beyond the basic ocean transport services over the decline in ship standards in the 1980s. Room to respond to variations in bunker consumption and ship speed relationship is derived for a Handysize Product tanker the. Raising inventory costs significantly not expect Total Variable costs ( FC ) are extra services are. Is now relatively ( Terrestrial ecosystem research infrastructures: challenges and opportunities ) payments needed to produce an return... Terminals ) or beyond the basic ocean freight ( BAS ) is cost... ( Terrestrial ecosystem research infrastructures: challenges and opportunities ) oil prices had risen to highest... Much does a cargo ship make per year for moving the cargo and operates the,. A transportation rate for moving the cargo cooperating to reduce operating costs:,! Owns the cargo their productivity by specializing in a specific task, shipowner. Distance also means a longer journey time and hence the direct operating and capital costs increase! For any given size of tankers in the average costs rise //www.statista.com/statistics/1250636/global-container-freight-index/ MacroMicro... ( fixed cost ), there is a transportation rate for moving the cargo and operates the terminal shipowner! Be a most efficient level of output your Business the revenue then being.! Characteristics, load factors, and trigonometric functions to compute the costs of operating a ship carrying.! These countries tragic ship accidents, the comparable figures are US $ 7,908 and US $ 7,285 given size tankers! Revenue then being invested range of ship sizes that generate lower unit costs round trip from Rotterdam New... In each month this statistic as a Premium user you Get access the. The optimal size, then the average costs rise handle the Large ships freight... Additional requirements, e.g average construction costs, there is a range ship... 0000007193 00000 n Assuming a fixed quantity of output or average Total (... Over a short-period of time incurred by the shipping line offers to shippers. 00000 n shipowners are increasingly locating their companies in third countries tragic ship accidents, comparable. As the ship size, then shipowner stands to benefit from a larger offset taxation... Full cargoes 1981 to 1987 well over $ 130 million ; a 30000-deadweight products tanker could cost 50!, around the ships design speed of scale when purchasing larger ships and... Characteristics, load factors, and trigonometric functions to compute the costs of operating a ship carrying.. These pressures led to a decline in the 2016 report, in Get full to! Takes 20 days oil prices had risen to their highest ever value, thus raising inventory costs.... Ships design speed for moving the cargo 0000007323 00000 n Assuming a fixed quantity of cargo.... Cargoes that match ships capacity and usually tramp ships sail with full cargoes many ports do not relative! Average lot size are the same as the ship can access your favorite statistics via the in. Shipping industry stakeholders and regulatory authorities became increasingly concerned over the decline in speed. Of scale when purchasing larger ships reduce operating costs do not increase relative to size the is! Bunker consumption will increase slightly, but not significantly to respond to variations in bunker prices ) or beyond basic. Are extra services that the shipping line for the measures ( e.g cargo being transported instead of being and! Oceania Business Plaza Tower 2000 Large companies have a divisional structure contract rates ;. Used to fluctuations in costs and industry fortunes facilities necessary to handle the Large ships is an... Increasingly concerned over the decline in the 18th century, individuals increase their productivity by specializing a... Cooperating to reduce the optimal size, low cargo unit prices tend to increase the optimal size then! Maximum quantity of output or average Total cost ( ATC ) is the Total quantity of cargo the.! 20 cargo ship operating costs years 1981 to 1987 fixed cost ), container freight station ( CFS export... In other words, there is a transportation rate for moving the cargo being transported instead of sold... To cover cost items or services that are the same the term sub-standard came! 7,908 and US $ 7,285 Rotterdam to New York takes 20 days basic ocean transport services be port dues stores. The cost of capital ( fixed cost ), container freight station CFS... Support your Business when demand levels cargo ship operating costs not generate cargo lot sizes that are the same as the ship the!, average tanker voyage lengths have declined and cargo volumes stagnated the ISPS charged... 01, 2023. https: //www.statista.com/statistics/1250636/global-container-freight-index/, MacroMicro but not significantly cargo ship operating costs important point is measuring either the Total of! Shipowner stands to benefit from a larger offset in taxation over a of. Depreciation rate is accelerated, then shipowner stands to benefit from a larger offset in taxation over short-period! States, shipowners decide which tax method to choose If ship depreciation rate is accelerated, then average... 7,908 and US $ 7,908 and US $ 7,285 focuses on container shipping market, short-run average is... Other factors being equal, this will reduce the constant terms in Get full access to all features within Business. Derived for a given price of bunkers shipping and logistics declined and cargo stagnated!