Siem Offshore braces for prolonged downturn in offshore supply vessel market

Norwegian offshore and subsea shipping company Siem Offshore believes that overall rate levels will remain volatile and at generally low levels throughout 2019. Siem also expects the imbalance of supply and demand for offshore vessels to remain for several years and continue to put pressure on the charter rates and has therefore prepared for a prolonged downturn in the offshore supply vessel market.

The fourth quarter continued as the previous quarters in 2018, with low activity and excess capacity, resulting in low rates for offshore supply vessels, when Siem experienced a slight increase in the activity on a world-wide basis, but insufficient to increase rates.

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