The price of oil - which has fallen dramatically over the last 12 months - has reduced spending amongst oil companies, and demand for PSV units has fallen significantly as a result. The level of newbuild ordering for PSVs, particularly larger units, was relatively high in the recent years prior to 2015. As a result, the current PSV orderbook is large, and the delivery rate of units throughout 2015 and 2016 is expected to remain relatively strong, albeit some delays and cancellations at shipyards are expected. Low utilisation figures in the PSV fleet have led to depressed charter rates across many regional markets. Some rates, particularly in the North Sea spot market, have dropped below operating expenditure in recent months, forcing many owners to seek measures to attempt to address the current supply-demand imbalance.
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