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    North Sea market shows "distinct improvement" since March

    News // May 24, 2002
    Havila Supply reports that the market for supply vessels in the North Sea has shown a "distinct improvement" since March but was still flat compared with the same period last year.

    During the last quarter, most of the company's vessels operated in the North Sea, although the company has one vessel in Canada and one vessel in Brazil.

    The fleet's contract coverage for the remainder of year 2002 is about 70 per cent, whilst the contract coverage for year 2003 is about 55 per cent.

    During the 1st quarter of 2002, the company had seven vessels on the spot market. "This market has been weak during the first quarter", said Havila, "however, the company has seen distinct improvement in the market since the end of March, but has registered that it is not as strong as it was at the same period last year".

    Havila says the spot market has tightened up, and good fixtures have been done lately, and the term market has seen improvements, among others the Havila Charisma has been fixed to Marathon Canada for about 60 days with a contract value of NOK 13 million. This trend is expected to continue throughout the summer and autumn. "The effect of this will be seen from the 2nd quarter onwards, so the Board expect a better result for the remainder of the year", said Havila.

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