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OSV market shows signs of stabilizing
Apr 06: The OSV market has seemingly stabilized, with global utilisation above 50%. This obviously varies between asset classes and regions, but even utilisation in the most supply riddled regions seem to have bottomed
8Whilst the rig count remains depressed, a general increase in offshore activity has been positive and OSV tender activity is slowly improving. This has yet to materialise in higher day rates, but with utilization stabilizing, but the worst seems to behind us
8Meanwhile, the PSV spot market is expected to be stronger during the summer and the rates for term PSV are increasing and are expected to increase further during the year.
8The AHTS market has been weak in the start of the year, but the number of rigs contracted for the summer is expected to increase the demand.
8In sum the PSV segment is showing signs of rebounding a littlet with AHTS expected to follow, hence a gradual recovery is expected.
8Due to the fact that the majority of the fleet currently in lay-up is out of class, an interesting question is whether all these stacked vessels will ever re-enter the market, due to high reactivation costs.
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