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    North Sea spot market remains depressed, says Stewart Group

    Contracts, Tenders and Rates // September 1, 2003
    Shipbrokers The Stewart Group says that, as predicted, activity levels during July were low, which caused day rates for both PSV and AHTS to drop off from the previous month.

    "Reduced rig move activity has meant that AHTS are competing with PSVs for supply work and in doing so applying more downward pressure on rates," noted The Stewart Group in its latest monthly report.

    "The summer period is usually the time where we expect to see a firm market due to the seasonal drilling and construction activity. This has not been the case for July 2003 and it looks like August 2003 will be just as quiet."

    The Stewart Group said the first three weeks of August saw rates for PSVs dropping to levels witnessed back in the first quarter of 2003, but with an increase in demand we saw rates double to around the 5,500-6,000 levels as the month came to a close.

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