Broker describes “painful month” for vessel owners
Time：2014-07-10
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exposure to the North Sea spot market, with average monthly rates well down on the
comparable figures for 2013.
“Spot fixture rates had been expected to follow a similar path as last year, with peak rates recorded in the summer when demand is at its highest and a host of vessels are occupied for seasonal charters elsewhere,” said Seabrokers.
“However, with many oil and gas companies postponing major CAPEX projects in an
effort to cut costs, demand has not matched expectations.
“This situation has been exacerbated by a surprising reduction in drilling activity. There are more rigs based in northwest Europe now than this time last year, but with some newbuilds experiencing delays before commencing contracts, and more rigs undergoing prolonged yard stays, there are fewer rigs actually working.
“This, combined with an increase in the supply base of support vessels, has contributed to faltering rates.”