Vessels laid up as market weakensNews // March 6, 2015
Broker Seabrokers says many rig and OSV owners are faced with the tough decision to either temporarily lay up or completely remove some of their tonnage from service.
On a global basis, rig owners including Atwood, Diamond, Ensco, Noble, Paragon and Transocean have all decided to scrap older rigs due to the lack of contract opportunities
available. "The same will be required from OSV owners to curb the oversupply that is currently dominating the market," said Seabrokers.
In Northwest Europe, vessel owners are making concerted efforts to move the supply/demand balance more in their favour by laying up tonnage in both the AHTS and PSV sectors.
Seabrokers said COG Offshore, Deep Sea Supply, DOF, Farstad, Sealion, Simon Møkster Shipping and Solstad have all decided to lay up vessels in recent weeks.
Nevertheless, conditions have stayed primarily in charterers’ favour, and spot
rates remained depressed for most of February, especially on the PSV side.
However, the removal of some tonnage has coincided with a number of rig moves being postponed due to bad weather, resulting in a tighter AHTS market and higher spot rates in that sector in the latter stages of the month.