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    North Sea market to remain tight

    News // November 30, 2001
    The market for PSVs and AHTS in the North Sea remains tight, and should remain so in the early part of next year, say brokers.

    Broking sources suggest that although the market may soften a little in the second quarter of next year - when a significant number of newbuilds are due to enter service - the market should remain tight because of the large number of vessels departing from the North Sea.

    "I take the view that things will remain pretty tight until the end of the first quarter of 2002, when the newbuilds will begin to enter service, but even when they do, the market will absorb them without creating excess capacity," said Per Engeset, Headof the Offshore Department at R S Platou in Norway.

    "The market for PSVs and anchor handlers is pretty good for the foreseeable future", said Ian Taylor at Offshore Shipbrokers in Aberdeen.

    "There are a number of reasons for this, such as the number of departures from the North Sea, and when you combine this with the fact that there are still a number of enquiries for term fixtures for the remainder of this year, it means good news for owners. More sophisticated PSVs - such as UT755s - have been achieving very good rates - around 14,000 per day for a one-year old UT755".

    In recent weeks more PSVs have left the North sea, a typical example being the Russell Tide, departing for Trinidad for a 60 day job plus an option for another 60 days on behalf of BP, at 14,000-16,000 per day.

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