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    Seabrokers describes "erratic," but more optimistic market

    News // November 7, 2003
    Shipbroker Seabrokers says the market in the North Sea in October was characterized by "erratic availability levels" coupled with daily rates that suggested a slower but continuing decline into winter.

    "However," said the company, in the latest issue of its monthly report Seabreeze, "the combined recent events in the market such as the reported departure of almost 10 vessels to overseas markets; the lay up of several more, and the marked slowdown in the number of newbuild arrivals; are signs that the supply of tonnage is starting to tighten."

    "Speaking with some owners it's emerging that to a certain degree, an air of confidence is slowly returning to their boardrooms," claimed Seabrokers.

    "Even at the time of writing," said Seabrokers, "the market was exhibiting a late autumn rally as rates climbed on the back of a busy last week in October. However as we've also witnessed recently, inconsistencies in demand levels havecontributed to significant falls in rate levels in just the course of one day;which wiped away nervous gains from the market a week previous."

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