The North Sea OSV market in January 2019 was very much a charterer's market, as rates fell to the £5,000/ day mark (US$6,600) and owners tried to influence the market by warm-stacking vessels. By mid-February this was beginning to have an effect and brokers reported that on some days not enough vessels were available, leading to a doubling in rates. The average charter rate for February for >22,000 bhp AHTS was close to £15,000/day (c. US$20,000) nearly double that averaged in February 2018. This has been taken as an encouraging sign and the expectation is that rates will continue to rise in March.
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