ShippingWatch

An offshore vessel costs less than half a million USD

The value of offshore vessels has dropped considerably following the collapse of the oil price nearly five years ago. An older ship now costs less than USD 0.5 million, while the crisis has also kept newbuild prices in check, shows an evaluation by Vessels Value.

The downturn in the offshore market has pushed down supply vessel prices so far that ships from the 1990s are sold for little more than their scrap value, less than half a million USD, according to an evaluation performed by Vessels Value on behalf of ShippingWatch.

"Today, AHTS vessels [anchor handling tug supply, -ed.] and PSV's [platform supply vessels, -ed.] are worth no more than their scrap value," says Robert Day, head of offshore at Vessels Value, to ShippingWatch.

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