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Moore Maritime Index (MMI) – 2025 Results

Moore Maritime Index (“MMI”), a database containing operating costs and revenues from more than 1,500 vessels, has been updated and is available with the 2025 data.
The data comes from audited financial statements of shipowning companies and, therefore, the results produced by the Index reflect the “real world” financial performance of the shipping industry.
The main takeaways for 2025 are:
• Dry Bulk Carriers: The results for 2025 indicate increasing pressure on operating margins, as daily TCE rates declined across all categories of bulk carriers, with decreases ranging from approximately 5% to 12%, while total operating expenses increased. A consistent increase was observed in crew wages, administrative expenses and stores expenses across all vessel categories. In particular, stores expenses increased between 4% and 19%, while administrative expenses rose between 4% and 14%. On the contrary, insurance expenses declined across all categories, recording decreases between 6% and 16%.
• Tankers: The results for 2025 indicate upward pressure on operating expenses, particularly for larger vessels. Total operating expenses increased for Aframax, Suezmax and VLCC vessels, by approximately 5% to 8%. Stores expenses increased across all tanker categories, with increases reaching approximately 21% for Suezmax vessels. Repairs and maintenance expenses also increased across five of the six tanker categories, with Suezmax vessels recording the highest increase of approximately 29%. In terms of revenue, VLCC vessels recorded a notable increase of approximately 21% in daily TCE rates, while Aframax vessels registered an increase of approximately 4%.
To access the Moore Maritime Index, please visit https://moore-index.com/