Seabrokers describes "October outburst" News
// November 8, 2002
In its latest monthly report, Seabrokers reports that, after a shaky year, confidence in the North Sea market climbed considerably in October, as it was the first time this year that owners were able to enjoy a period of sustained high rates.
The month as a whole was characterized by tight availability, resulting from a frantic period of rig move activity that managed to draw almost the entire AHTS fleet out from port.
This scramble for vessels during the first fortnight led to a rapid escalation of day rates for the large AHTS vessels with the market peaking at £35,000 on one fixture. The market weakened slightly during the middle of the month, however a late surge ofactivity maintained the rates for rig moves.
Rates for PSVs also faired well during the month even though the spot market saw the introduction of three large newbuilds and the return of a further eight vessels from term charters. On a bright note, one owner commented that they had managed to maintain 100 per cent utilisation for one of their spot vessels.
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