The COVID-19 pandemic has accelerated a new trend in the Asia-Pacific OSV market. With the second wave of infection expected to peak in some parts of the world in the upcoming months, this virus is not going to go away anytime soon. Not to mention, the unfortunate oil price recession which has worsened the current situation. In a few countries of the region - Singapore, Malaysia, Australia, and India- operating procedures and imposed restrictions have been gradually lifted by the local governments, resulting in resumption of an increasing number of major oil and gas projects. Based on MarineBase by IHS Markit figures, the total number of AHTS and PSVs working on a term contract basis in the Asia-Pacific region experienced a slight dip at 463, and will continue to sail at slow moving phase as we approach the end of the year 2020. Over the next few years, OSV firms are likely to have braved their new bitter reality - lower demand, suspended charters, shorter contracts, and reduced day rates.
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