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    November market showed promise, says Seabrokers

    News // December 5, 2003
    Seabrokers reports that the offshore supply vessel market in the North Sea showed some signs of optimism in November, but not as much optimism as it had originally expected.

    "Week one of November was very encouraging, and by the tenth day with availability all but dried up and charterers and owners forward fixing tonnage, rates were rising with the indications that November was going to be a rampant month<" said Seabrokers in the November issue of Seabreeze.

    "Yet in the space of three days, the market saw a deluge of vessels return to port looking for work; which then duly failed to materialise, leading the marketinevitably back to its all too predictable rut that's been a near constant feature of this year," said Seabrokers.

    "Since then though the market has been growing slowly in confidence again on the back of some steady demand for cargo runs and PSVs. The rig move market was relatively quiet and provided the downward pressure on market rates due to theconsistent availability of AHTS."

    "To reflect these market movements, rates rose across the board, with the monthly averages posted being the highest in the past five months. Perhaps this news will provide owners with some much-needed festive cheer after what's been a fairly lacklustre year," Seabrokers concluded.

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