Operating costs for the global shipping industry have broken the $100bn barrier for the first time, Clarksons Research Services says.

Managing director Stephen Gordon says the figure is up from $98bn last year and $83bn in 2008.

The spike comes as earnings have headed in the opposite direction, sagging from $291bn in 2008 to $123bn in 2016.

Writing in Clarkson’s latest weekly report, Gordon explains wages remains the largest cost for shipping at $43bn last year.