North Sea: broker says rates in freefallNews // September 4, 2012
Seabrokers says August saw rates in the North Sea "go into freefall" as owners began to show signs of losing their grip in a struggle to reverse the trend of falling rates since April.
"The high levels of tonnage available in the market have more than over compensated demand, and for the coming months we can probably expect to see more of the same," said Seabrokers in the latest issue of its publication Seabreeze.
"As winter approaches with rig demand set for its seasonal dip, further downward pressure will no doubt come to bear on the already delicate rate levels."
"With one vessel entering lay up, could owners be headed for a crash landing?" the company asked.