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    Spot market at record levels says Seascope Offshore

    News // April 21, 2006

    Broker Seascope Offshore says the spot market in the Norht Se is at "record levels," with large high specification AHTS being routinely chartered for rig moves at around £50-55,000, and in some cases at over £65,000.

    "The PSV sector is no different, with modern/medium sized PSVs being chartered at a high point of £35,000 and even older units achieving circa £30,000. A 1982-built large
    PSV was recently chartered by Team Marine for up to a month at a rate reportedly in excess of the £25,000 level," said Seascope Offshore, noting that what it called "a difficult summer" is in store from a charterers viewpoint as the vessel ‘pool’ is unlikely to increase significantly over the next six months.

    "The impact of newbuildings entering the market will be negligible until 2007," said the broker. "Although there has been a high volume of medium/long term chartering recently it should be noted that (in the North Sea at least) there are now very few outstanding requirements looking for a commencement within 2006 although this will be of little concern to ship owners if spot market levels stay around their current levels."

    Seascope Offshore said the current shortage of rigs/AHTS/PSVs/ standby vessels (and skilled personnel to crew the vessels and manage the projects) is something that will not change overnight.

    "Against this background and with the oil price recently breaching the US$70 level, confidence is high that the current conditions will continue and consequently there is no shortage of investors in the offshore market," said the broker in its latest report on the market, noting that, in the supply vessel market, another surge of new orders means there are now estimated to be significantly more than 300 units scheduled for delivery over the next few years.

     

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