International markets also buoyant News
// July 22, 2005
The West African market remains buoyant despite a slight decline in vessel tender invitations. Jack-up demand is expected to contribute to a continued tightness in the market with additional units being mobilized to the region for the 3rd and 4th quarter. Numerous long and short terms contracts have recently been awarded to a selection of owners, according to broker Fearnleys Offshore Supply.
"Egypt continues to be the driving force for vessel activity in the Mediterranean and is attracting new tonnage every month," said Fearnleys, noting that "activity is spurred in the Middle East region with owners purchasing vessels left, right and centreand placing them on construction anddrilling support contracts from time of delivery."
Day rates remain low compared to other regions but utilization figures are healthy.
Despite regular deliveries of newbuilds to the South East Asian markets, operators are struggling tocover their vessel requirements. "The increased activity has improved owner's utilisation numbers,but we do expect that the day rates still have some way to go before owners are comfortable with the long term outlook for the region," Fearnleys said.
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