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Over the last year a strong reduction of stacked OSVs has been
observed with a drop of -17% approximately. The once over-supplied
sector is facing a much tighter supply of available tonnage. The
total number of vessels in the world has contracted as many OSVs
have abandoned the market, around 77 vessels had been scrapped
whilst 34 had been converted since January 2021. Companies are
using the current opportunity to sell their laid-up vessels since
the price can be set slightly higher due to increased demand for
supply vessels. Other than to reduce operational cost, companies
are selling vessels to exit the OSVs industry.
Improving activity in the offshore oil and gas sector favoured
the recovery of the OSV industry both in terms of utilisation and
average day rates. This boost in OSV demand has not only come from
the increasing activity in the oil and gas industry, but there are
other industries that are driving demand for skilled labor. The
increasing need for OSVs has encouraged companies to reactivate
vessels to fulfill the demand.
The rapid reactivation of a considerable number of stacked OSVs
can also pose a threat if too many are brought back to the market
at once, resulting in an oversupply which could put pressure on
utilisation and day rates. It is important mentioning that the
trend has not reached all the regions equally and differs among
OSVs types. New generation high spec PSVs (4,000+ dwt) are in
highest demand. Market conditions have shifted; Operators now find
themselves competing for the best equipment. Offshore service
providers now have the leverage to ask for higher dayrates.
The latest edition of S&P Global's "Offshore Marine Monthly"
has just been published, examining the current situation of the OSV
sector by region, vessel type and size. This comprehensive report
contains vital analysis from our regional experts, and is a must
read for anyone involved in the OSV sector.
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