The number of laid-up offshore support vessels and rigs has fallen by almost 30% since February 2017, according to a new report from the Norwegian Shipowners’ Association.
As of February this year, 112 vessels and 20 rigs were in layup, according to the organisation’s Maritime Outlook Report 2019, which was published on Tuesday.
This is compared to 137 ships and 25 rigs in February 2018, and a combined 183 vessels and rigs at the same point in 2017, the report said.
“Layup forecasts for 2019 indicate that the number of ships and rigs in layup is expected to fall to 93, a reduction of 34 ships and five rigs,” the report said.
"Of these, offshore shipping companies control 33 vessels and deep-sea shipowners one ship."
The organisation said it expects this reduction will be achieved by increased trading activity, ship recycling and vessel sales.
Improving fortunes
An increasing number of offshore shipowners expect to see their profitability improve over the next 12 months, according to a survey of the Norwegian Shipowners Association's members.
A total of 47% of these shipowners said they anticipate increased profitability this year, compared to just 35% in 2018.
The proportion expecting weaker profitability has decreased from 32% to 25% year on year.
“However, an improvement in operating profit does not imply that these shipowners have achieved sustainable profitability," the organisation noted in its Maritime Outlook Report.
"Low rates and limited activity mean that offshore shipping companies are still facing demanding times."
