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    North Sea market tightening says broker

    News // March 31, 2009

    The North Sea market has begun to tighten slightly following the slump in the first part of the year, says broker Braemar Seascope Offshore in its latest report on the market.

    "The traditional seasonal dip in requirements combined with repercussions of the credit crunch had impacted on the market leaving many vessels idle," said the company. "However, recent days have seen something of a pick-up in the amount of work and subsequently rates have also begun to increase."

    Availability has tightened somewhat since the period when the number of prompt AHTS vessels reached into the 20s and prompt PSVs were in double figures.

    The current situation sees the number of idle AHTS vessels
    in single figures and only a handful of PSVs available. Average
    daily rates for February were affected by the significant amount of available tonnage.

    Average day rates were sitting at 16,500 for large AHTS vessels and 8,500 for medium AHTS vessels. The figures for PSVs came in at 11,000 for large vessels and 8,000 for medium PSVs, the broker reported, noting that the figures reflect what has been generally a tough time for owners.

    However, a number of vessels have since been fixed to other markets including India, Brazil and West Africa. This combined with an increasing amount of North Sea work has led to more market activity. 

     

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