Skipsmegling
The PSV market remains to provide an oversupply of tonnage to the market. However, with an increasing number of vessels entering in to layup and a number of vessels due to enter in to new term contracts within the next couple of months, things could slowly improve for vessel owners.
The last few weeks has seen some workscopes being cancelled and some just coming to a natural end which has resulted in vessels returning to the spot market, including the Siem Symphony (pictured above) which recently finished a term charter with Wintershall DEA, supporting the Scarabeo 8. There are currently 9 vessels prompt available in the Bergen/Stavanger/Haugesund region, with 5 of these having forward commitments commencing within April, May and June 2020. Until these vessels begin to depart the spot market, the market is expected to remain in Charterers favour with high availability of vessels and low dayrates.
So far in 2020, there have been 15 PSV’s enter in to layup (see below table), only 4 of these being Norwegian flagged. This brings the PSV layup total in North West Europe to 45 vessels. Although this hasn’t appeared to make any real difference to the market yet, it’s true effect will remain unknown until such time that the COVID-19 pandemic is over and rigs start up again with normal activity, including maintenance etc.
It has been so quiet recently that even Equinor have no spot vessels on charter at the moment. It can only be assumed that this will change as soon as things get back to normal post pandemic.
With rate and activity levels remaining so low, owners which have vessels up for class renewal will have a big quandary on their hands on whether they lay the vessel(s) up or pay a significant amount of money to continue trading the market. However, some owners are already able to get extensions to these class renewal dates, as a result of the COVID-19 situation. As you can see in the table below, Havila Commander and Energy Swan had theirs coming up in May/June but have extended by 3 months. It is thought the others will also follow suit in getting a similar extension.
Over the few days, we are likely to see the below tonnage available:
Normand Serenade (cx 06/05 ) – Currently prompt available in Haugesund.
Eldborg (cx 06/05) – Currently prompt available in Bergen.
North Purpose (cx 29/04) – Currently prompt available in Stavanger.
Normand Skude (cx 06/05) – Currently prompt available in Bergen.
Island Challenger (cx 28/04) – Currently prompt available in Stavanger. However, the vessel has a forward commitment commencing circa end 26/04/20.
Edda Frende (cx 29/04) – Currently prompt available in Haugesund. However, the vessel has a forward commitment commencing circa 01/05/20.
Stril Mar (cx 29/04) – Currently prompt available in Stavanger. However, the vessel has a forward commitment with Spirit commencing late May 2020.
Troms Sirius (cx 06/05) – Currently prompt available in Stavanger. However, the vessel has a forward commitment with OKEA commencing May 2020.
Island Crusader (cx 06/05) – Currently prompt available in Bergen. The vessel has a forward commitment with Lundin commencing June 2020.
Siem Symphony (29/04) – Currently prompt available in Bergen. The vessel has a forward commitment with Lundin commencing June 2020.
Energy Empress (06/05) – Currently on charter to Aker BP ASA and is expected to be available in Stavanger in the next day or two.
Hermit Horizon (cx 30/04) – Currently in house and is expected to be available in Bergen circa 20th April 2020. The vessel has a forward commitment from end May 2020.
Unfortunately for PSV owners, the UK market is painting a fairly similar picture, with an abundant supply of vessels currently in Aberdeen. There are currently 16 vessels prompt available in Aberdeen, with 5 of these having forward commitments commencing between April-June 2020. Crew changes for these owners continue to give them headaches but it seems most of these vessels continue to push back their dates until travel restrictions are lifted, if possible.
We have updated the below information for your reference. If you would like any more detail, please feel free to give us a call.
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Average Last 5 fixtures (NOR) |
Today Ex Norway estimate |
Today ex UK estimate |
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NOK 46,000 |
NOK 45,000 – 60,000 |
GBP 3,500 – GBP 5,000 |
| Date | Vessel | Charterer | Period | Rate |
| 15/04/20 | Hermit Storm | Odfjell | D/D 14 | NOK 40,000 |
| 12/04/20 | North Purpose | AF Decom AS | D/D 5 | NOK 50,000 |
| 05/04/20 | Island Crusader | COSL Drilling | D/D 5 | NOK 50,000 |
| 31/03/20 | Island Crusader | Equinor | D/D 14 | NOK 50,000 |
| 31/03/20 | Bourbon Mistral | Equinor | D/D 14 | NOK 45,000 |
| Vessel | Flag | Class Renewal Date | Charterer |
| Normand Skude | Norway | 15/06/2020 | |
| Havila Commander | Bahamas | 16/09/2020 | Total UK term vessel – extended 3 months (15/06/20) |
| Skandi Barra | NIS | 15/07/2020 | CNOOC UK term vessel |
| Energy Swan | Norway | 26/08/2020 | Wintershall Term vessel – extended 3 months (26/05/20) |
| Strilmoy | NIS | 26/08/2020 | Shell UK term vessel |
| Olympic Promoter | Bahamas | 15/09/2020 | In layup |
| Enea | United Kingdom | 16/09/2020 | TAQA term vessel |
| Caledonian Vanguard | Cayman Islands | 20/09/2020 | BP UK term vessel |
| Normand Aurora | NIS | 22/09/2020 | Fairfield term vessel |
| Vessel | Charterer | Rig | Commencing | Period | Notes |
| Troms Sirius | OKEA | May 2020 | 4 months firm + opt | Currently on charter to COPSAS | |
| Torsborg | Equinor | Pool | May 2020 | 8 months firm + opt | Currently on charter with Norske Shell |
| Edda Frende | Shell UK | May 2020 | TBA | Will take over the Edda Ferd contract, meaning the Edda Ferd will likely join the spot market. | |
| Siem Symphony | Lundin | West Bollsta | June 2020 | 10 wells (600 days) + 4 well opts | |
| Island Crusader | Lundin | West Bollsta | June 2020 | 10 wells (600 days) + 4 well opts | |
| Bourbon Mistral | Lundin | Rowan Viking | Late April 2020 | Circa 100 days | |
| Island Contender | Lundin | Rowan Viking | July 2020 | 6 wells (400 days) + 4 well opts | Currently term charter with Neptune. Contract will be front run by the Island Challenger. |
| Hermit Galaxy | Ross Offshore | Island Innovator | June 2020 | Circa 240 days | |
| Hermit Horizon | Ross Offshore | Island Innovator | June 2020 | Circa 240 days |
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Vessel |
Flag |
Status |
Return Date |
Notes |
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Normand Supra |
NIS |
Enroute from Italy |
10/05/20 |
Will be prompt available enroute to North Sea |
| DEFINITES | UPCOMING | |||||||
| Vessel | Vessel Type | Flag | Date in layup | Location | Vessel | Vessel Type | Flag | |
| Olympic Promoter | PSV | Bahamas | 27/03/2020 | Fosnavag | Bourbon Topaz | PSV | Bahamas | |
| Stril Mermaid | PSV | Norway | 20/03/2020 | Stavanger | Troms Lyra | PSV | Isle of Man | |
| Farland | PSV | Norway | 31/03/2020 | Alesund | Olympic Electra | PSV | NIS | |
| Island Dragon | PSV | Norway | 01/04/2020 | Alesund | VOS Precious | PSV | Netherlands | |
| Stril Myster | PSV | Norway | 01/04/2020 | Stavanger | VOS Patriot | PSV | Netherlands | |
| Sartor | PSV | Panama | 04/04/2020 | Sagvag | ||||
| Troms Mira | PSV | Isle of Man | 09/04/2020 | Sunderland | ||||
| Highland Princess | PSV | United Kingdom | 09/04/2020 | Sunderland | ||||
| Normand Carrier | PSV | NIS | 09/04/2020 | Haugesund | ||||
| Normand Titus | PSV | Cyprus | 01/04/2020 | Flekkefjord | ||||
| Hermit Prosper | PSV | NIS | 05/04/2020 | Fosnavag | ||||
| Skandi Rona | PSV | NIS | 08/04/2020 | Storebo | ||||
| Standard Olympus | PSV | United Kingdom | 15/04/2020 | Sunderland | ||||
| Sea Tantalus | PSV | Cyprus | 17/04/2020 | Flekkefjord | ||||
| FS Carrick | PSV | United Kingdom | 11/04/2020 | Sunderland |
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Vessel |
Onhire |
Options until |
Fixed Dayrate |
Current Dayrate |
Days Onhire |
Note |
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N/A |
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