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    Layups reducing costs but not affecting North Sea PSV rates yet

    News // October 2, 2015

    Fearnley Offshore Supply AS (FOSAS) says the growing number of vessels being laid up in the North Sea has not yet had a significant effect on rates.

    "In our last report we noted that the number of ships in lay-up gave some relief to the availability list, but
    limited impact on rates. There was some improvement in PSV rates peaking, at NKr 150,000, but it
    did not last," said FOSAS.

    "Almost daily we read about new vessels, mainly PSVs and AHTS but also other types of offshore service vessels, going into layup. More than 100 vessels are currently without charter, either prompt available or laid-up.

    "It seems the greatest effect of putting vessels into layup is reducing cost, but it has so far had a limited impact on PSV rates, which still are in the £5,000-6,000 range."

    FOSAS also noted that, although laid up, some vessels are still being actively bid, and some fixed, on the few term requirements in the market.

     

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