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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.

Photo: Viking Supply Ships

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.

As a result, the ship operators will have to take firm action and accelerate the scrapping efforts for older and stacked vessels if they want to see meaningful returns in their financials.

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