Shipowners: The offshore support vessel market is improving but remains unbalanced
2019-06-12 09:00
Norwegian offshore vessel owner Siem Offshore recently predicted that the anchor handling tug supply (AHTS) market will continue to be affected by a poor operating environment, but there are signs of improvement in the platform supply vessel (PSV) market.
Siem Offshore pointed out that the AHTS industry will face the dilemma of low global utilization and low daily charter rates; currently, there are still few AHTS time charter contracts, and shipowners have to rely on the spot market, which is unbalanced.
For PSVs, the demand for large and modern PSVs is increasing, especially for upcoming projects in the North Sea, and the daily charter rates of time charter contracts show signs of positive improvement.
Another highlight of the offshore market is the offshore construction vessel sector, where both the oil and gas market and the offshore wind power market are active, with good demand in the first quarter. "This combined growth in demand is driving improved market prospects for the subsea construction vessel sector," said Siem Offshore.
Siem Offshore predicted at the beginning of this year that the current imbalance between supply and demand in the offshore supply vessel market will continue for several years, which will continue to put pressure on charter rates. Charter activities are expected to increase this year compared to last year, but overall rates will remain at a low level.
“For all sub-segments, the outlook for 2019 is better than for 2018, but current charter rates do not provide sufficient returns on capital,” Siem Offshore said in its first-quarter earnings report.
Siem Offshore reported a net loss of $20.2 million in the first quarter of this year, a narrowing from a loss of $26.9 million in the same period last year. Revenue for the first three months of the year was $69.3 million, an improvement over $65.9 million in the same period last year.
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