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    North Sea term market remains weak

    Contracts, Tenders and Rates // September 1, 2003
    Shipbrokers the Stewart Group says July was another "fairly uneventful month" with little in the way of significant term business in the North Sea market.

    "With spot market conditions being weak and expected to remain so for theforeseeable future, it is likely that we will see charterers placing a greater reliance on it, and this of course will be to the detriment of term charters," said the company in its latest monthly report.

    "Despite this we will see term requirements towards the end of the year as charterers try to take advantage of low owner confidence and secure attractively priced term charters."

    "From an international perspective the last few years have seen a steady stream of modern vessels departing the North Sea. Whilst this has slowed up in the last few months, we are seeing a rise in rig requirements internationally which may initiate thisprocess once more and help reduce the oversupply that exists in the North sea," noted the company.

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