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    March was "meteoric" says Seabrokers

    News // April 15, 2005
    Broker Seabrokers says March by and large saw a continuation of the high day rates "that have had owners over the moon for the past five months."

    Describing the North Sea market, Seabrokers said rates "are still soaring" due to increased drilling programmes creating a high degree of demand for vessels.

    "Rig utilisation is consequently extremely high and looks to remain so for some time. However, PSV newbuild programmes continue to roll out vessels and if more owners begin to bring back vessels from other parts of the world we may see supply begin to overshadow demand," said Seabrokers, noting that there is a limit to the number of vessels that the North Sea term market can absorb.

    "The question is, when will we reach this limit?" said Seabrokers.

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