“On the supply side, our view is that the market is tightening and that the oversupply of vessels is overstated, with many vessels which have been laid up during the downturn facing prohibitive reactivation costs and lower demand due to their age and condition. Industry experts predict that a large portion of the laid-up fleet will return to service,” MMA said.
According to MMA, which owns 30+ offshore support vessels, the company is seeing signs of the market improving with increased tendering activity and longer contract durations, fewer available vessels, and improved rates in some regions and vessel segments.
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