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    Newbuilds likely to continue to depress North Sea market

    News // July 16, 2009

    Broker Offshore Shipbrokers Ltd (OSL) says that, looking at upcoming vessel deliveries there are still an extremely large number of both PSVs and AHTS under construction.

    Looking at the remainder of 2009 we expect to see some 56 PSVs (>2000dwt) due for delivery and 28 AHTS (>160 tonnes BP), with 2010 looking no better with 78 PSVs
    and 41 AHTS.

    "Though it is fair to say that some of these vessels will already have charters in place and many others are probably not suited to the North Sea, there will still be a good number that will arrive on the Spot market. Given that the market has already softened significantly and with demand looking to fall even further, additional tonnage joining the markets during 2009 and 2010 will certainly not help any sort of market recovery," OSL concluded in its latest monthly report on the market.


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