March "misses the mark" says SeabrokersNews // April 11, 2003
"High levels of vessel availability have blighted the recovery by suppressing rate levels," said the company in the latest issue of its newsletter Seabreeze.
"Consequently requirements were generally swamped with charterers having plenty of choice.At the end of week 12, there was actually a glimmer of hope that the market demandwould exceed supply, allowing vessel availability to sink and thereby forcing rates torise. Unfortunately this wasn't to be. Vessel utilisation figures have been fairly stagnant for the past four months, except that last month we noted that small PSVs were virtually 'tied up alongside'for almost three quarters of the month," said the company.
"The AHTS market has been more buoyant recently with a spate of rig moves and barge towing requirements keeping the anchor-handlers fairly busy, especially at month end. As for the outlook - as the weatherman says - its still uncertain. Depending on yourview, the market could eitherremain as is, due to the continued outpouring of newbuilds from the yards or it could edge upwards as vessels sneak off for some summer term charters that now litter the market."