North Sea’s term and spot markets haven’t developed as expected and rates for large PSVs are still holding at the USD 20k gross vicinity for UK, Norwegian sectors. The proximity to the summer season is not followed by consistent requirements as of yet. The surplus on available tonnage poises challenges to fleet over 15 years. Younger tonnage takes precedence.
Brazil has attracted some S&P and bareboat charters and attention to the Petrobras requirements is gaining traction as the oil national maintains its 45-50 PSVs hiring for the next 24 months cycle.
“The aging Brazilian fleet, combined with an only recent new building’s program make it the perfect opportunity for middle-aged tonnage from North Sea to find 4-8 years’ employment in Brazil at gross rates surpassing USD 50k. The time is now for bareboat contracts with purchase options if the foreign owner is able to secure a local partner with excess Brazilian tonnage to provide the flag coverage, or even for foreign flag with the risks it entails” says Pedro Pellegrini, Shipbroker Intern at WSB Advisors.
More opportunities in Brazil?
