A record 450 offshore supply vessels are still scheduled for delivery in 2017 despite a massive oversupply in the market, according to new figures released by VesselsValue.
Already this year 15 OSV deliveries have taken place, bringing the total number of deliveries in 2017 to 465.
The record number of deliveries will likely exacerbate the problems faced by the offshore supply vessel market, where more restructuring and even bankruptcies are expected to take place this year. Demand for OSVs has fallen since the price of crude oil began crashing in 2014, causing lower activity across the offshore oil and gas industry.
According to VesselsValue, there are currently 456 OSV vessels on order throughout the world and, incredibly, 450 of these will be delivered in 2017. Only 6 scheduled for delivery in 2018.
Looking at where these deliveries are taking place, Malaysian owners have the largest number of OSVs currently on order, with 109, followed by Singapore, China, and the United States.
By owner, the Malaysian company Nam Cheong International LTD has the most deliveries scheduled with 56 vessels. They are followed by another Malaysian company, Coastal Contracts, which only has 28 OSV vessels on order. US-based Tidewater Marine and Edison Chouest Offshore each have 10 and 11 vessels on order, respectively.
Canada will establish two new Arctic consulates in Alaska and Greenland and appoint a dedicated Arctic ambassador as part of a long-awaited strategy for a region where Russia and China are increasingly seeking to assert their influence.
The expansion of Canada’s Trans Mountain pipeline represented a $24 billion bid to help the country’s oil producers reduce their near-total reliance on the US market. That’s a bet that may pay off sooner than expected if President-elect Donald Trump follows through on his tariff threats.
The crew of Panama-flagged cargo ship MV ISA STAR have been rescued in the Red Sea after sending a distress signal, the EU's Aspides naval mission said.
December 5, 2024
Total Views: 1420
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.