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    Broker comments on North Sea market

    Contracts, Tenders and Rates // November 21, 2003
    Offshore Shipbrokers Ltd (OSL) in Aberdeen says the North Sea spot market has "had a tough time" with rates throughout October being poor at around the £4000-£5000 level, although the end of the month however did see things "heading in the right direction" for owners with bad weather offshore delaying operations and causing a tightening of the market.

    "This reduction in availability caused rates to pick up with AHTS fixtures reaching the £11,000 per day level, this however is still only 1/3 of the peak rates seen for AHTS fixtures this time last year," noted OSL.

    "During October we also saw a number of vessel movements with several PSVs leaving the North Sea along with AHTS Far Grip and Olympic Poseidon towing two Dolphin semis to Mexico," noted OSL. "Some of the smaller/older vessels on the market such as the Far Turbot, Troms Tjeld, and Havila Trader have also left the market for lay-up until conditions improve. Joining them is also the 1,240bhp AHTS Aldoma which has now left Cadiz and gone into lay-up in Malta."

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