The OSV market in early 2020 was more subdued than one might expect simply from the impact of seasonality. The realities of the Covid-19 pandemic were beginning to bite: from working at home to restrictions on crew changes. One thing that did not change however was the lack of new orders for AHTS or PSVs. The last order placed for such vessels was placed more than 12 months ago when Miclyn Express Offshore ordered two, small 200 dwt PSVs at the Shunhai shipyard in China. The vessels are due for delivery in April 2020, although it is not clear if this has been delayed. It is reported that many shipyards have had to delay deliveries, with workers being quarantined at home. April 2020 was the month that Shunhai was due to deliver an offshore maintenance and support vessel for an unnamed owner and a large AHTS to Icon Offshore Berhad of Malaysia. The large AHTS was ordered by Icon Offshore in June 2014. According to Vessels Value, the market value of the vessel has fallen from US$18M in June 2014 to around US$4M at the end of March 2020.
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