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    North Sea spot market remains strong

    News // June 10, 2005
    Fearnleys Offshore Supply says the market for AHTS and PSVs in the North Sea continues to be strong, despite some fears that activity levels had hit the roof and that the newbuild deliveries would take the edge off earnings.

    "After a dip in overall activity during April activity is again thriving and so are the rates... Not only are the rates extremely high, but vessel availability is, at times, so tight that charterers have to re-schedule ongoing operations while several fixtures are being concluded off the market at the sametime," said the broker.

    Efforts are being made by charterers on both sides of the North Sea to reduce spot exposurethis summer by securing PSVs on medium to long term periods. This will lead to a notablereduction of available vessel's for the month of June and will certainly assist in maintaining atight market.

    Large PSVs are an especially a scarce commodity these days, and throughout the month of MayPSVs fetched an average of 21,000 for 2-3 week periods. For spot work the rates have been fluctuating between 11,000 and 35,000.

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