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    North Sea market remains "lackluster" says Seabrokers

    News // August 15, 2003
    Seabrokers reported in the July issue of its monthly report Seabreeze that owners "will feel that the summer so far has been nothing short of daylight robbery" in terms of fixed day rates and utilisation levels for their assets.

    As well as utilisation and availability figures, day rates were also stuck in trouble, noted Seabrokers.

    One Owner commented rates were in a similar situation as Thomas Bjorn in the British golf open competition," stuck in the sand!"

    The market has seen many owners pull vessels back into the North Sea from other world regions. So the growing vessel numbers, combined with only steady requirement demand has resulted in charterers getting a large selection of very new high specificationvessels at very low day rates.

    "The market will need to see a large increase in requirements, or a large decrease in vessels to ensure the scale of balance evens out once again," said Seabrokers.

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