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Star Bulk Carriers Corp. Message Board

  • PaperProphet PaperProphet Aug 30, 2012 10:21 PM Flag

    Skill shortages drive claims rise

    "A study by the Swedish Club, produced as a reaction to a 60% increase in hull and machinery claims over a three year period, has pointed to skill shortages as one of the principal reasons for this rise."

    I can think of another reason. I doubt the skill levels dropped in the past three years but that time frame does correspond with rates collapsing.

    My guess is that if someone did the statistics, they would find a direct correlation of breakages to the difference between the spot rate and contracted rates on vessels. When a contracted $30,000/day cape suddenly breaks and has to be out of commission for a month and a half, the party which chartered the vessel saves $1.2 million by instead paying $3,000/day at spot rates. There's a strong incentive for foul play there when a wrench 'accidentally' dropped into the machinery can shift $1.2 million around.

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