SSG No 20 - Shipgaz

MARKET REPORTS
Offshore market report October
offshore rate development
GBP 1,000 pSV: ■ 600/700 ahtS: ■ 15,000–16,000 ■ 20,000+
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Autumn has continued to see a generous
market for offshore supply and
support vessels, in the North Sea and in all
other regions. A strong underlying market
with steady oil exploration and extensive
construction projects is still giving cause
for optimism, although most expect the
great backlog of supply ships under construction
to affect the market sooner or
later. But still orders are forthcoming, and
lofty prices are being paid for resale contracts
and second-hand vessels.
From an unexpectedly weak July, the rate
level for large anchor-handlers remained
at GBP 30,000 well into August, before
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15
20
25
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picking up, week by week, to the level of
100,000 by early September. Except for a
brief lapse, the market remained buoyant
throughout September and into October.
No doubt spells of rough weather helped
to keep up the rates, as ships were being
tied down longer than usual.
Also platform vessels have been in brisk
demand, with some of the best rates seen
for years at about GBP 40,000 for larger
units. For weeks we have seen a steady
level around 25,000–30,000, with a sort of
“floor” at 20,000. So far, autumn has compensated
for a disappointing summer.
The number of long-term fixtures and
Some teRm chaRteRS aNd exteNSioNS iN the NoRth Sea:
charterer Vessel type operation
RWE Olympic Provider psv extended 1 yr until Sept 08
Senergy Olympic Promoter psv 2+1 well Stena Spey, beg Sept 07
Peterson Island Endeavour psv 5 years from mid-Sept
Peterson Northern Queen psv ext 1 year firm until Oct 08
Peterson Troms Fjord psv 5 yrs from Jan 08
ConocoPhillips Northern Crusader ahts ext 2 yrs until Nov 2009
Canyon Olympic Triton mpsv support duties, 3 yrs, Oct 07
Maersk Oil UK Northern Clipper psv supply duties, extended to Nov 08
StatoilHydro Havila Foresight psv support duties, 2 yrs, Dec 07
Acergy Normand Mermaid mpsv construction support, ext to Aug 08
Some teRm FixtUReS iN otheR paRtS oF the woRld
also the backlog of outstanding orders
convey a heartening view of the future.
And this view of the world is still sufficient
to keep up the interest in new projects.
New investment
Contracting of new offshore vessels has
slowed considerably from the all-time
peak last year, but there is still plenty of
activity. September and October have
so far seen 23 new contracts at a total of
Text
NOK 9.1 billion (USD 1.65 billion) in
the Scandinavian market; this time including
Danish, Swedish as well as Norwegian
owners.
Of the orders, most noteworthy are ten
large anchor-handlers of the most powerful
type, intended for deepwater work,
each being an investment in the region of
USD 90 million.
Boa Offshore, alias Taubåtkompaniet of
Trondheim, has announced an order for
eight vessels at a total of NOK 3.2 billion
at an as far unspecified yard: Four VS491
anchor-handlers and four VS495 type
multi-functional supply vessels.
The ship design firm Vik-Sandvik, based
at Fitjar on the island of Stord midway
between Bergen and Haugesund, should
be pleased with supplying design for 17 of
the 23 ordered vessels.
Resale deals
The tight market in combination with
long delivery time for new ships have contributed
to a very strong secondhand market.
The following five resale deals have all
left the sellers with a substantial profit on
investment.
Deep Sea Supply of Arendal acquired a
VS485 PSV building at Karmsund Maritime
from Simon Møkster Shipping for
NOK 193 million and also two 12,000
BHP anchor-handlers with Jaya Shipbuilding,
Singapore, for NOK 205 million each.
Deliveries are set for 2008. Also Olympic
Shipping, Fosnavåg, has acquired two
UT755LN platform vessels from Nordkapital
Holding ordered from Aker Yards.
These are the two first of eight orders, originally
booked in April 2006 at NOK 145
million each, now being resold at NOK
200 million.
dag bakka jr
84 SCANDINAVIAN SHIPPING GAZETTE • OCTOBER 26, 2007
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Week
charterer Vessel type operation
Petronas Carigali Normand Trym ahts 7 months gen duties, Malaysia
Cairn Energy Pacific Brigand ahts 4+4 wells from Sept, India
Galoc Normand Jarl ahts 100–150 days supp Energy Searcher, Philippines
Hess Far Sound ahts supp SS Jack Bates 240 days, Australia
Petrocanada Sea Wolf ahts support duties 7 months, Trinidad
Based on information from R G Hagland Offshore, www.hagland.com
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