What does it cost to schedule an oil tanker?
Tankers are the most economically efficient means of intercontinental transport, as they maximize economies of scale based on volume per voyage. Numerous factors contribute to the cost of a tanker voyage. Fuel is the largest component of a ship’s operating costs. In 2004, the average cost of fuel for a VLCC was $14,400 per day. Other major operating costs include crew, repair and maintenance, insurance, stores, and administrative costs.Expenditures on crew represent the largest chunk of these non-fuel operating costs (46 percent in 2007).
