Crew Wages and Operating Costs

Contents

• Crew wage increase
• Operating costs

Many of us may be just in the process of budgeting for 2019. The summary of recent development below may help us draft a few lines of footnotes to support your projection.

1. Crew wage increase

The ILO minimum wage for an able seafarer (AB) was reviewed earlier this week at ILO (Int’l Labour Organisation) and agreed that:

• the minimum wage for an able seafarer would be increased by 27 USD over the next 3 years. The wages will provide an overall increase of 4.5% on the current rate of 614 USD, with an increase of 4 USD as of 1 July 2019, followed by an increase of 7 USD as of 1 January 2020 and a final increase of 16 USD as of 1 January 2021.