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    North Sea spot market improves as ships take work overseas

    News // June 11, 2004
    Offshore Shipbrokers Ltd (OSL) in the UK says the North Sea spot market in May "took a well needed upturn" for owners with rates rising to a more healthy average of circa 7,000 for med/large PSVs and AHTS for rig moves fixing at a slightly lower level.

    "The main cause of this upturn has been the number of vessels having recently left the spot market to undertake term charters and summer project work. During May alone some 23 vessels left the spot market and with only seven returning resulting in a verydefinite out flux of vessel which has been reflected in the market tightening with the associated rising of rates," said OSL.

    "Looking ahead through June there would appear to be a similar number of vessels arriving and departing so things look to remain tight for this month. Given the fact there are also a decent number of term requirements due to commence in July it looks asthought this situation may well continue with things remaining tight throughout the summer months," said OSL.

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