Clarksons Research is expecting pressure on offshore wind vessel supply in the short term, but a growing orderbook is of potential concern.
The research arm of UK shipbroker Clarksons said the outlook remains positive for European wind ships.
The wind turbine installation vessel (WTIV) sector is expected to tighten towards 2026 and 2027 on the back of firm turbine and foundation work demand, it added.
Fourth-generation units on order have been fixed for upcoming projects at record rates of more than €300,000 ($325,000) per day, 30% above the beginning of last year.
Meanwhile, following a seasonal softening across the winter, the outlook for the European commissioning service operation vessel market is still positive.
Supply of these units is expected to be “very tight” across 2024 as vessel availability remains limited, Clarksons said.
But the large orderbook “represents a point of caution for some owners looking ahead to 2025/26”.
Following strong ordering of 47 ships in 2022 and 2023, a further six were contracted in January.
But a large Chinese WTIV orderbook and concerns over project delays and increasing turbine sizes in Western markets have made owners hesitant to order newbuildings.
Only five WTIV orders were reported globally in 2023.
Clarksons said: “The long-term outlook for growth of the offshore wind industry is positive, despite recent inflationary pressures.”
The company still expects offshore wind to play an important role in the long-term energy transition, with strong capacity growth expected across the rest of the decade.
New project investment reached a record high globally at $59.7bn in 2023.
