Rates fall as North Sea supply outweighs demandNews // June 3, 2008
Offshore Shipbrokers Ltd (OSL) in the UK says supply in the North Sea market "has been outweighing demand for a number of weeks now."
"We have to go back to May 9th when we last saw the AHTS availability sold out," said OSL in its daily update of June 3rd. "However, even then it was just for one day."
"Having had no real signs of the market gaining in momentum, many owners are of the opinion that any form of utilisation for their vessels is the priority," said OSL.
This has also resulted in stiff competition between owners over any requirements that have been outstanding, and rates for rig moves have now dipped to the lowest levels reported so far this year.