While S&P activity is at its highest level since 2019 - with some "occasional" offshore supply vessels sent to the breakers - there remains plenty of work to be done to fix the oversupply of vessels in the market, according to a leading shipbroker. Fearnley Offshore Supply points out that new players are picking up cheap vessels against a contract and making significant returns due to their low entry levels. Fearnley says that despite the recent high transaction levels, "there is yet to be any price movement for the mid-sized anchor-handling tug supply (AHTS) vessels and platform supply vessels (PSVs). There are still too many vessels on the water; however, as we seemingly have reached a floor, prices have bottomed. For these asset classes, depressed prices will likely be the rule for some time; for every vessel leaving the market, there are 10 idle vessels with no work."
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