July disappointed says SeabrokersNews // August 20, 2004
"Demand for vessels has remained fairly constant throughout 2004," said Seabrokers in the latest issue of Seabreeze, its, monthly report, "with virtually the same number of fixtures occurring each month."
"The relatively small peaks we've witnessed have been either as a result of demand 'bunching up' during a short period, or vessels being required on location/at sea for longer periods or sometimes a combination of the two," said Seabrokers.
"Rates softened across the board from the year-to-date highs we experienced in June. However, the rolling averages across the board for 2004 are still 10-40 per cent lower compared to 2003, though the rates for this July were marginally up on the corresponding month last year."
"For a broader perspective, with the price of crude oil trading at over US$40 a barrel, and the oil companies now reporting record profits, perhaps the industry will begin to see a rise in E&P budgets that could spell the go ahead for new and otherwise marginal drilling projects, that in turn could raise further current rig utilization levels and subsequently the need for more vessel support," concluded Seabrokers.