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    Spot market rates "unsustainable" says leading broker

    News // September 3, 2015

    The North Sea OSV market is becoming unsustainable for many vessel owners, particularly in the PSV sector.

    So says broker Seabrokers, which said that what it called "numerous owners" are "hovering above the precipice of financial insecurity."

    "While the necessity for oil and gas companies to cut costs has been acknowledged, it has to be recognised that spot rates of £2,500-4,000 are unbearable for owners," said Seabrokers.

    "They cannot be expected to operate vessels below breakeven levels, yet still make the necessary investments in safety, crewing and training that are vital for the longevity of the North Sea industry."

     

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