Shipping firms remain under sustained pressure from high operating costs.

This is according to maritime consultancy firm Drewry, who has released its latest ship operating costs annual review and forecast report. It stated that 2013 was a difficult year, with weak freight earnings meaning that firms were forced to keep their costs to an absolute minimum.

Operators were on the whole able to limit their outgoings during 2013, with typical increases ranging from between 1.0-2.5 per cent. This was helped by factors such as depressed hull values and weaker commodity prices.

Drewry managing director Nigel Gardiner commented: "Poor freight markets have forced ship operators to keep any increases in operating costs to a minimum and our provisional data suggests some success in this area."

He warned that the future may not look so rosy, with expenditure expected to rise by 2.5-3.0 per cent per annum over the next few years.