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$ 3 billion in E&P orders in next few months-IX: OSV market continues to be in doldrums
Jun 14: The Offshore Supply Vessels market is likely to remain in doldrums for some more years, according to latest data.
8The global utilisation rate for AHTS vessels of 8,000+ bhp is expected to rise from 40.8% in 2016 to 46% in 2018F, and
8The global utilisation rate for PSVs of 2,000+ dwt is expected to rise from 41.4% in 2016 to 44.3% in 2018F.
8Even with 5-8% annual demand growth in FY17F and FY18F, utilisation rates are still a long way down from peak utilisation rates prior to 2014 of around 90%.
8Fierce competition is likely to persist, with owners having limited pricing power.
8As a result, we believe that OSV charter rates will not budge from the already-low levels currently.
8In fact, in the first four months of this year, charter rates mostly trended lower sequentially, suggesting that the OSV sector is in the midst of a very long winter.
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