Cost index for domestic sea transport, Q1 2011

Despite the sharp increase in fuel costs, the total cost index for domestic sea transport increased by only 7.7 per cent. The reason is that other costs increased significantly less than fuel. The sub-index for repair and maintenance costs had a slight increase of 1.5 per cent, while the sub-index for crew costs increased by 2.9 per cent compared with the same quarter last year.

Capital costs going up

The sub-index for capital costs of financing is based on 3-month nominal NIBOR from Norges Bank. This sub-index was at 109.0 in the 1st quarter of 2011. This is an annual growth in the cost of financing of 13.9 per cent compared with same quarter in 2010 and an increase of 4.2 to the 4th quarter of 2010.

Largest cost increase for cargo vessels and tugs

Total costs for cargo ships had an increase of 9.5 per cent from the 1st quarter of 2010 to 1st quarter of 2011. Towing/port towage saw costs increase by 8.3 per cent during the same period.

Tables:

• Table 1 Costindices domestic sea transport, 1st quarter 2011. 2nd quarter 2009=100