SSG No 20 - Shipgaz

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MARKET REPORTS Offshore market report October offshore rate development GBP 1,000 pSV: ■ 600/700 ahtS: ■ 15,000–16,000 ■ 20,000+ 140 120 100 80 60 40 20 0 45 50 1 10 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 5 15 20 25 30 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 35 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 40
BUNKERS AND CRUDE OIL TREND Week Rotterdam Bunkers Crude Oil 380 cSt, USD/t MDO, USD/t Brent, spot IPE, USD/brl 36 363 569 75.06 37 373 620 77.63 38 384 636 79.20 39 388 634 81.04 40 389 622 78.94 41 401 617 80.00 42 430 657 85.00 Quotations Friday each week. Source: Stockholm Chartering, www.stochart.com CRUDE TANKER MARKETS Size Route Week Worldscale Earnings (USD/day) VLCC Persian Gulf–UKC C/S 36 42.5 13,900 280,000 37 42.5 12,600 38 45.5 19,900 39 47.5 19,900 40 42.5 13,300 41 42.5 12,400 42 50.0 20,800 Suezmax Cross Med 36 67.5 9,300 130,000 37 72.5 11,900 38 90.0 22,100 39 85.0 18,800 40 85.0 18,700 41 80.0 14,900 42 140.0 50,500 Aframax North Sea–UKC 36 90.0 10,000 80,000 37 85.0 7,000 38 150.0 39,600 39 125.0 26,700 40 90.0 8,900 41 112.5 19,800 42 170.0 47,800 Quotations Friday each week. Source: Stockholm Chartering, www.stochart.com Maersk fixes the first jack-up rig for Dubai-work ssg-ringkøbing. Maersk Contractors has fixed the first of four new jack-up rigs, which currently are under construction at Keppel FELS at Singapore. The first rig has been fixed for a 3-year drilling programme to Dubai Petroleum Establishment for work in the Arabian Gulf. The rig will start work immediately after delivery from the yard in the first quarter of 2008. It will take 15 days to mobilize the rig after transfer from Singapore. Earlier this year, Maersk Contractor fixed one of the semi-submersible rigs also under construction for a job on the Australian shelf. Britannia to charge extra 15% in advance call rate ssg-tønsberg. Britannia P&I Club’s announcement that it will charge an extra 15 per cent in advance call rates has confirmed ship owners’ worst fears that there are heavy P&I premium increases ahead from February, 2008. Generally, the market had expected between 10 and 20 per cent as claims cost soar. This has been the case ShARE PRICE INDEx MARKET REPORTS Index 19/10 12/10 Broström Logistics* 107.53 107.75 OSE2030GI** 442.08 442.34 *Broström Logistics is a share price index that includes seven Swedish as well as non-Swedish transportation and logistics companies, publicly listed on European Stock Exchanges. For further information, visit www.brostrom.se. **OSE2030GI includes the shipping companies listed on the Oslo Stock Exchange. DRy CARgO MARKETS, LARgE CARRIERS Size Route Week USD/ton Single voyages Capesize Tubarao–Rotterdam 36 34.50 165,000 Iron Ore 37 35.80 38 35.70 39 42.25 40 44.00 41 45.00 42 46.65 Tripcharter Av. Earnings (USD/day) Panamax Cont–Far East 36 73,000 70,000 37 73,000 38 71,000 39 78,000 40 79,000 41 84,000 42 88,500 Handymax Transatlantic, round voyage 36 59,000 37 60,500 38 57,500 39 56,500 40 59,000 41 64,900 42 71,500 Source: Fearnleys, www.fearnleys.no for Britannia and deferred call rates will increase by 10 to 40 per cent. Nordtank Shipping to be Broström Tankers Denmark ssg-göteborg. Broström changes the name of its Danish subsidiary Nordtank Shipping to Broström Tankers Denmark. Broström acquired the Danish tanker shipbroker in 2005. The company commercially operates 17 tankers between 4,000 and 23,000 DWT, owned by a number of shipowners. SCANDINAVIAN SHIPPING GAZETTE • OCTOBER 24, 2007 85
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PORTS AND MARITIME LOGISTICS Price:
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HEAD OFFICE P.O. Box 370, SE-401 25
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ent mikkelsen lars christensen whic
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An efficient, reliable and low cost
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