Written by
Nick Blenkey
Nothing is a greater indicator of what’s happening in a given sector than what’s taking place within the sale and buy (S&P) market and Coupeville, Wash., shipbroker Marcon Worldwide has simply launched its newest report on the offshore help vessel market.
Marcon says that of the 13,293 vessels and three,749 barges it trackedm as of mid-September 2023, 2,933 are provide and tug provide boats, with 207 formally in the marketplace on the market. The brokerage notes that, 50.00% of overseas and 67.01% of U.S. flag provide / tug provide boats ithas formally listed on the market are direct from house owners. Along with these on the market, Marcon has 86 straight provide and tug provide vessels listed for constitution worldwide.
As of mid-September, 1,152 of the vessels tracked by Marcon are crew, quick provide and pilot boats with 148 formally in the marketplace on the market, plus 52 obtainable for constitution worldwide; 48.6% of the boats formally on the market are U.S. flag. Of the crew boats on the market worldwide 25 had been constructed inside the final 10 years, whereas 55 boats, or 37.16%, are 25 years of age or older. The oldest boat listed is a 40 foot, 240 BHP 1957 constructed vessel, positioned U.S. West Coast. This vessel is counterbalanced by a 170.6 foot LOA overseas 2022 constructed crew boat in Southeast Asia.
MARKET OVERVIEW
Tug provide boats formally in the marketplace on the market listed with Marcon in complete is 66, 10 fewer than September 2022 and 68 fewer than September 2018. Composition now versus 5 years in the past has modified, with a drop 51 AHTSs within the 4,000 BHP to eight,000BHP ranges. The biggest change in comparison with final 12 months was dropping six within the over 12,000 BHP class. September 2018, the common age of all AHTSs on the market was 15 years outdated, the place U.S.-flag vessels averaged 29 years and foreign-flag AHTSs averaged 14 years. Right this moment, the common age is eighteen years outdated, with U.S.-flag AHTSs averaging 25 years and foreign-flag averaging 17 years outdated. On the time of this report, 14 tug provide boats formally on the market had been both constructed inside the final 10 years, together with one newbuilding re-sale; 19.7%, or 13, of tug provide boats are 25 years of age, in comparison with 5 years in the past, when 20.15% of AHTSs on the market had been not less than 25 years outdated; and one 12 months in the past, 10.67% had been not less than 25 years outdated. At September 2023, the oldest AHTS obtainable from Marcon was a 1973-built, 191 foot, 4,600BHP foreign-flag AHTS positioned in Central America.
Of the 141 platform provide vessels listed on the market mid-September 2023, Marcon has 27 fewer PSVs listed on the market in comparison with one 12 months in the past and 4 lower than listed 5 years in the past. change in vessel measurement composition over the previous 12 months, the bigger decreases had been within the underneath 150’ LOA (down 7); 180’-190’ LOA (down 9); and 200’-220’ LOA ranges (down 8).
There’s far more within the statistic-packed full report (there’s a obtain hyperlink on the backside of this story), however what’s Marcon’s tackle what’s happening?
“GOM OSV Market: Present market situations point out that the summer season season within the US Gulf for Plug & Abandonment (P&A) work is slowing down resulting from climate situations – so the mini provide / DP1 vessel market ought to soften within the coming months. Charges stay excessive and availability is tight for greater DP2 over 240’ provide vessels working long run deepwater initiatives. It’s anticipated that demand for deepwater drilling initiatives will proceed to rise assuming oil costs stay round present ranges, given present geo-political situations.
“Subsequent 12 months might see a giant uptick in P&A piece as the results of the Cox Working / Cox Oil LLC $560 million chapter strikes via the system. Cox operated 600 wells in additional than 60 fields. The corporate would buy ageing wells that had been deserted by the bigger unbiased and main oil corporations. These wells at the moment are being “transferred” again to their legacy house owners to basically both function or shut down. These legacy house owners now need these “property” again off their books – so will probably press ahead subsequent 12 months with aggressive P&A plans. If this expectation corporations up – then that is going to create a big demand for P&A tonnage, particularly crewboats and smaller OSVs.
“Working prices proceed to rise throughout the board – from insurance coverage to upkeep, components via to incidentals like groceries. Labor shortages are a every day fixed battle available in the market; as operators battle to retain their skilled seafarers.
“This 12 months has seen house owners and operators jockeying to realize a foothold in North East Coast windfarm work that’s starting in earnest. Some GOM operators have offered working and laid up vessels to specialist East Coast outfits – resulting in vessel value will increase and restricted availability. Different house owners have repositioned tonnage to this enviornment and have contracted instantly with the wind farm operators.”
Extra dealer’s feedback, too, within the full report,
- Obtain the total Marcon report HERE
