Offshore vessel demand continues to grow

The offshore support vessels market growth is likely to get accelerated in 2023 due to improved viability of offshore oil and gas projects and steady demand for offshore renewable projects. However, prices volatility creates the path to growing a bit cumbersome for the market.

Platform supply vessels (PSVs) are the offshore vessels used for the transportation of equipment, other goods, and rig crew to the offshore platforms and expected to dominate in the market. PSVs are highly required support vessels to offshore operations and also called Offshore Supply Vessels (OSVs).

With global demand high, and supply limited, owners will start to recover rates based on a demand versus supply cycle, with expected contract durations to be capped to avoid length extensions at lower rates than what the spot market can offer.

Supply surety will become a problem, and local jurisdictions dictate certain prerequisites, which further adds to the demand versus supply challenge.

Contact our chartering desk today as we can help de-risk supply.