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The three basic ship cost categories are:

• capital costs;

• voyage costs;

• operating or running costs.

• Capital costs

  1. are fixed costs associated with the ship’s purchase.
  2. include pre-delivery costs, loan repayments, interest, leasing charges, initial registration fees, and taxes (sometimes), and any bareboat charter hire payable.
  3. are the owner’s responsibility.

• Voyage costs

  1. are variable costs associated with the commercial employment of the ship?
  2. include costs of bunkers, port and canal dues, pilotage, tug hire, agency fees and loading/discharge costs.
  3. are the responsibility of the ship’s commercial operator. If the ship is let on a time charter, the charterer is liable for the voyage costs.

• Operating or running costs

  1. are semi-variable costs which fall between capital and voyage costs?
  2. include costs of crewing, storing, ship maintenance, insurance and administration.
  3. are the responsibility of the ship owner or manager.

Read More: Business & Command

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