Offshore supply carrier Farstad Shipping, with 57 vessels in its fleet, landed a profit of USD 11.5 million on the bottom line in the first quarter of the year, according to the published interim report. The positive result is due to unrealized currency gains and is not a sign of recovery in the pressured offshore market. Not at all.
According to Farstad Shipping, activity in the offshore market continues to decline, and when the development someday turns, the supply carriers will be hurt by overcapacity, Farstad Shipping writes in the interim report.
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