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    Confidence in market remains strong says broker

    News // November 9, 2005

    Offshore Shipbrokers Ltd (OSL) in the UK says October was once again a very buoyant month for owners in the North Sea, undoubtedly helped by the usual period
    of weather delays experienced at this time of year.

    Rate levels continued to fluctuate wildly ranging from around £16,000 to £50,000 for AHTS and £11,000 to £26,000 for PSVs.

    "In general, however, the situation was more stable for owners with levels remaining high until the last week of the month with utilisation being equally as good," said OSL in its latest monthly report.

    The month got off to a good start for owners with AHTS rates at around the £35,000 level and PSVs not far behind at circa £25,000. This remained this situation until
    around the middle of October when availability tightened even further and rates continued to increase in response.

    "Team Marine were particularly hard hit for the rig move of the Safe Scandinavia paying £40,000+ for each of the four large AHTS they required for unmooring operations. This also caused things to tighten even further with Hydro shortly after paying circa £50,000 for the Tor Viking to undertake the rig move of the Transocean Leader," said OSL.

    This dramatic upturn lasted for several days after which AHTS rates settled once more at around the £30,000 level for rig moves. PSV rates however remained reasonably steady throughout this period at around the £25,000 level.

    "By the end of the month however availability had improved and with a distinct lack of upcoming rig move requirements rates had fallen in response. This has so far continued into the start of November and at the time of writing AHTS are fixing for rig moves at around £17,000 with PSVs at circa £10,000 for cargo runs."

    "Continuing to look at the longer term it would seem that owners' confidence in the market in general remains strong with vessel sales and newbuilding orders continuing to be concluded," said OSL.

     

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