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Upswing in offshore vessel orders-II: Day rates will go up after a time lag
Jul 03: While demand goes up, new deliveries of mobile offshore units are also going to move up over this period but at a slower pace than the increase in demand
8Nevertheless, the increase in new deliveries is significant and is likely to keep a lead on rates.
8What will then be required is the scrapping of older offshore units for the market to regain equilibrium
8The historical average annual delivery for offshore vessels for the period 2005-15 is 579 units
8The figure in 2018 is expected to be a mere 275 units but an improvement over 2017. Juxtaposed against that is the fact that less than a 100 mobile units are to be contacted against the historical average of 550 units annually.
8Clearly, a lot of backlog needs to cleared before day rates start moving rapidly northwards
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