Hundreds of ships stand in the way of upturn in OSV market

After years of crisis in the offshore supply vessel market, operators now widely project that a recovery is coming in 2022. But hundreds of vessels will have to be scrapped in order for the market to see a long-awaited and genuine recovery, analyst say.

by DANIEL LOGAN

Several hundred offshore vessels stand in the way of a much needed upturn on the market for offshore supply vessels, as there are still too many out-of-work vessels compared to demand from oil and gas companies.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles
Receive our daily newsletters
Access our app

Get full access for you and your coworkers

Start a free company trial today

Kun lidt over halvdelen af supply-skibene er i arbejde
For subscribers
Viking Supply Ships forventer bedre marked fra 2022
For subscribers
Pressede Dof lander arbejde til flere offshoreskibe
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Foto: Peter Hove Olesen/Politiken/Ritzau Scanpix

Tanker

Maersk sells part of its business with the US government

Maersk has sold a subsidiary that provides transportation services for the US Navy. The business covers a handful of tankers.

For subscribers

"As an SME – as we still like to call us today – and with the customers we are serving globally we really need to latch on and grow substantially to stay relevant to our customers," says Constantin Conrad, CEO, Leschaco Group. | Photo: Leschaco

Logistics

German logistics company wants to grow 250 percent by 2030

For subscribers

Regulation

Lynn Loo urges shipping to take steps outside its comfort zone

For subscribers

"The biggest challenge for the green transition in shipping is the supply of green fuel, and more initiatives like these are needed," Morten Bo Christiansen tells ShippingWatch. | Photo: Maersk Pr

Container

Maersk praises Cosco's plans to move into green methanol

For subscribers

Foto: Shannon Stapleton/Reuters/Ritzau Scanpix

Tanker

Russia still relies on Europe to ship its oil despite price cap breach

For subscribers

Norden's contract in Gabon runs for ten years and requires the shipping company to invest around DKK 280m. | Foto: Magnus Møller

Bulk

Norden's venture in Gabon runs smoothly one month after military coup

For subscribers

IEA: Ammonia is crucial for shipping's green transition
In order for shipping to help keep the temperature rise below 1.5 degrees Celsius, ammonia should be the most widely used fuel in the industry by 2050, according to a new IEA report.
For subscribers
Fredriksen company loses legal dispute with shipyard
Major South Korean shipbuilder Hanwha wins an arbitration case against John Fredriksen-controlled Northern Drilling regarding a cancelled order for two deepwater rigs.
For subscribers
Norwegian carrier gets state funding for new ammonia vessels
Viridis Bulk Carriers expects to order its two ammonia vessels by the end of 2023 with support from the Norwegian state-owned investment fund Enova SF.
For subscribers
German ports fear public savings
The expansion of German wind power and the import of green fuels are at risk if the state of Lower Saxony implements planned savings in the ports.
For subscribers
IEA: Green fuels keep climate goals alive
The window of opportunity to keep the temperature rise below 1.5 degrees has narrowed and will require more international cooperation and ambition, according to a new report from the IEA.
For subscribers
Navigare Capital cashes in from sale of several ships
The Danish investor, whose owners include Robert Mærsk Uggla, has taken advantage of high vessel prices. The timing was right, says the managing partner.
For subscribers

German logistics company wants to grow 250 percent by 2030

The third generation of the family behind Leschaco wants to grow the company, and fast. Leschaco needs to grow significantly, says the CEO.

For subscribers

Regulation

Lynn Loo urges shipping to take steps outside its comfort zone

The CEO of Global Centre for Maritime Decarbonisation believes the shipping industry must be ready to take a little more risk to achieve its climate goals.

For subscribers

Tanker

Maersk sells part of its business with the US government

Maersk has sold a subsidiary that provides transportation services for the US Navy. The business covers a handful of tankers.

For subscribers

Container

Maersk praises Cosco's plans to move into green methanol

”More initiatives like these are needed,” says Morten Bo Christiansen from Maersk, which has 25 methanol-powered ships in the pipeline.

For subscribers

The legal dispute centers on the cancellation of orders by Northern Drilling's two subsidiaries for two deepwater rigs at the Hanwha Ocean shipyard.

Offshore

Fredriksen company loses legal dispute with shipyard

Major South Korean shipbuilder Hanwha wins an arbitration case against John Fredriksen-controlled Northern Drilling regarding a cancelled order for two deepwater rigs.

For subscribers

Bulk