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    Seabrokers calls its "anguish in August"

    News // September 27, 2002
    In its latest monthly report, shipbrokers Seabrokers says August saw rates in the North Sea fall to their lowest levels since the beginning of the year. Rates fell back sharply during the first half of the month as the market was flooded with availability. At one point 20 Anchor Handlers were competing for work. During the later part of the month, confidence returned to the market as activity levels picked up, leading to a rise in rates.

    "Vessel numbers remained fairly steady with vessel departures being replaced with newbuilds,however September has seen more vessels deliver with large PSVs such as the Normand Flower, Edda Fjord and Northern Wave. Once these vessels have delivered this will significantly boost the number of ultra large high specification PSVs available on the market. At the present time this type of vessel has kept fairly good utilisation, but with newbuild numbers increasing along with older large PSVs starting to return from pipe haul, this segment will be put under increasedpressure", noted Seabrokers.

    "All is not doom and gloom as there could well be a glimmer of light on the horizon. Rigs are beginning to drift out from Invergordon again, mostly to the North Sea locations but not all. Rigs such as the Stena Dee, GA IV and West Alpha all departed Invergordon in August for North Sea drilling activity," said Seabrokers.

    "There are also quiet a few outstanding rig requirements for next year", said Seabrokers, "so whilst there is little chance of 2002 rising like a Phoenix from the ashes, there could be a glow in theembers of the fire for 2003".

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