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    North Sea market looks firm in long term

    News // December 14, 2001
    Offshore Shipbrokers Ltd (OSL) in Aberdeen says it believes that, provided present oil prices are maintained, then the market for ANTS and PSVs in the North Sea will remain firm well into the third quarter of 2002 and possibly beyond.

    OSL says recent visitors from the Far East are amazed at the rates that are being achieved as they still talk about 'a Dollar a horsepower' being the rule of thumb for their own market - seeing 3.5 Dollars a horsepower is completely alien to them.

    November saw rates remain firm with a shortage of vessels - generally cargoes runs have been bid at 15,000/20,000 level whilst rig moves have been fixed in the 20,000/40,000 range.

    European tonnage still continues to be popular and is being snapped up by operators in other areas.

    Phillips Australia have taken three vessels two of which are the Far Scotsman and Bennett Tide each for a two year charter with the vessels scheduled to depart the North Sea during the early part of next year. Smit Lloyd Safe is the third vessel.

    Petrobras Brazil have contracted the Madonna Tide and the Carline Tide at a reported rate of $14,900 each against a two year commitment with commencement in the early part of 2002 - a further vessel is currently being tendered for with January delivery.

    Trico's newbuilding UT745 is fixed to Canyon Offshore for non-supply vessel duties.

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