outweigh their high fuel consumption. However, when oil prices rose during the
1970s, the whole balance of costs changed. During the period 1970–85, fuel prices
increased by 950 per cent (Figure 5.5). Leaving aside changes in the fuel efficiency
of vessels, this meant that, if fuel accounted for about 13 per cent of total ship costs
in 1970, by 1985 it had increased to 34 per cent, more than any other individual
item. As a result, resources were poured into designing more fuel-efficient ships
and operating practices were adjusted, so that bunker consumption by the shipping
industry fell sharply. In 1986 the price of bunkers fell and the level of interest in
this aspect of ship design reduced.