Broker takes optimistic view of North Sea market in 2014News // January 3, 2014
Broker Seabrokers says it believes 2014 could be a good year for owners in the North Sea market.
"This time last year, we noted that shipowners active in the Northwest Europe support vessel market would be glad to see the back of 2012. Twelve months on, it would be fair to say that the majority are now far more optimistic on their expectations for the market, having experienced more favourable conditions in 2013," said Seabrokers in its latest monthly report.
"Day rates for both the PSV and AHTS markets have been up year-on-year for the vast majority of months in 2013, most noticeably in the summer from May to September.
"With a significant number of newbuild drilling rigs (particularly jack-ups) due to commence charters next year, owners will be hoping that these rates can be replicated, if not surpassed, in 2014."
As Seabrokers noted, there are still a host of European-built vessels (primarily PSVs) to be delivered in 2014, but increasing activity in Northwest Europe, and competition from alternative markets such as West Africa, may quickly soak up this additional supply.