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    Term market remains quiet, says broker

    News // June 20, 2003
    The Stewart Group reports that the term market in the North Sea remained predictably quiet during May.

    "Demand is likely to remain static during Q3 given current rig utilisation. The few rigs that will commence hire in June and July will not significantly tighten the term market in the short term," said the company in its July report.

    "There remains a real possibility that demand may fall during Q4 as there are few outstanding rig requirements. Further an increasing supply of quality vessels will likely compromise the consolidated owner group to some extent.Therefore the combination of falling demand and increasing supply will not be enough to sustain the spot and therefore term market at average levels seen throughout May," said the company.

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