Seabrokers describes "winds of change" in SeptemberNews // October 25, 2002
"There was no North Sea hurricane, but activity did pick up in a gentle way, with rates climbing to higher levels than in previous months. Whilst the rates were higher they were not sky high, but was an improvement on previous months. This was a welcomesign to many ship owners who havevessels on the spot market at the moment," noted Seabrokers.
"The market was in general steady with most vessels enjoying reasonable utilisation. Again the vessels in the big and beefy segment enjoyed the best of things. PSVs such as the Northern Canyon, Malaviya Sixteen were kept busy most of the month, perhaps at times on low rates, but working none the less. The AHTS market had similar circumstances. There was a steady flow of AHTSwork with some of the quieter moments being filled in with cargo work. Rates for the AHTS were steady with owners being a bit more confident and not dropping the rates so quickly in the quieter moments as previously seen."
However, noted Seabrokers, "The last quarter of the year could be tougher for owners. There are several newbuilds due to arrive in the market during October, vessels such as the NorthernWave, Edda Fjord and Highland Bugler. Combine this with vessels that are due to complete term charters, such as the North Challenger, North Crusader, Edda Freya, Ocean Commander, Skandi Hav, Far Saltire, Torm Kestrel, Waveney Fortress, Northern Crusaderand Mercury Bay, this will then make for interesting times."