A rush to lay up North Sea offshore support vessels in recent weeks could mitigate the effects of the spot slump.
More than 40 OSVs have been laid up in north-west Europe in the space of 10 weeks, mostly platform supply vessels, but this should not disguise the dire straits owners remain in, Seabrokers said.
"That is a more dramatic response to the market downturn than any of us realistically expected," the Norwegian shipbroker added.
"If owners are to glean any positives from recent events, it might be that the flood of vessels going into lay-up slowed to more of a trickle in the second half of May, and there were also a few units reactivated for term charters."
Seabrokers said the change is a result of the combined efforts of OSV owners and has moved the market into more balance.
"The vast oversupply of active vessels is nowhere near as severe as it was this time last month," the brokerage said.
Tighter on occasion
The oil price crash and coronavirus disruption has led to very little spot work in the North Sea.
However, brokers said there had been periods of tightened availability, albeit short-lived, and there were even some days in May when the Norwegian anchor-handling tug supply sector was sold out.
But Seabrokers warned against getting carried away.
"Demand levels this year have decreased at a dramatic rate, and the fact that more than 40 vessels have only recently gone into lay-up means there is a wide pool of idle supply that can quickly be reactivated if market conditions start to improve," the brokerage said.
"However, the collective discipline shown by owners over the last few months may keep the market slightly more stable than it was during the previous downturn."
Lay-ups, redeployment and sales out of the market have reduced the spot fleet considerably this year.
Shrinking fleet
Eight of 36 operational PSVs are currently charter-free in the UK, as well as five of only 15 remaining in Norway.
A total of just nine AHTSs are still working in the UK, with five of those unemployed. Four of 20 are without spot work in Norway.
Norway's Westshore Shipbrokers lists 31 AHTSs in lay-up, as well as 47 PSVs. PSV utilisation stands at 67%.
There are three rig moves outstanding for AHTSs, and a fuel run for a PSV, with OMC and Shell in Norway the charterers.
Seabrokers said large PSVs averaged £4,370 ($5,545) per day in May, against £15,422 a year ago.
The lowest rate was £2,000, matching historic lows, with the maximum at £8,847.
Rates are £4,000 now, Westshore said.
On the AHTS side, large ships averaged £13,100 per day, down from £26,482 in May 2019.
The lowest level was just £4,021, but market volatility was shown by the highest rate of £30,000.
Large PSVs averaged 50% utilisation in May, against 58% in April.
