May produced "wild swings" in rates, says OSLContracts, Tenders and Rates // June 20, 2003
"Within a matter of days, rates increased from Sterling mid teens to mid thirties before dropping back again. PSV rates, in comparison, have been fairly steady at the £6/8,000 level," said the company, noting that Allseas has snapped up six pipe carriersfor a period of between 20-70 days at rates in the regionof £7,000/9,000, the vessels being Skandi Marstein, Highland Star, North Mariner, North Vanguard, Olympic Orion and Edda Fjord. A number of these vessels are sublets therefore the impact to the spot market may not be great.
"Malaviya Sixteen has departed for India against a long term contract with ONGC whilst Boa King has departed from SE Asia in the direction of the North Sea," noted Seabrokers. "Solstad Offshore ASA has entered into a contract for Normand Flower commencing in Gulf of Mexico 1st June 2003. The contract, with Pemex as end-user, is for one year with the right to terminate after 6 months however there are options up to five years. In addition the company has signed a letter of intent with the same clients for a direct extension of the contract for Normand Rover for nine months from December 2003. Total contract value for the fixed period (total 21 months)is at the upper end of USD 16 million."