Record Number of OSVs to Be Delivered in 2017
Vessel oversupply will continue to plague the offshore industry this year as a record total of 465 offshore support vessels (OSV) are expected to be delivered in 2017, according to VesselsValue.
Beginning with the drop in oil prices and then lower demand for offshore research projects, the offshore industry is struggling with historically low asset prices, while many offshore vessel owners around the world have been led to bankruptcy.
Now as the industry faces a large amount of vessel oversupply, a record number of OSV deliveries, including anchor handling tugs, (AHT) anchor handling tug/supply vessels (AHTS) and platform supply vessels (PSV), would only further exacerbate the sector’s problems.
So far 15 OSVs have been delivered in 2017, with another 456 on order globally. Incredibly 450 of these are scheduled for 2017 delivery, and only six for 2018, according to VesselsValue.
Looking at countries currently expecting OSV deliveries, owners in Malaysia and Singapore have the largest number of vessels currently on order, with 109 and 96 respectively.
The top owner is the Malaysian company Nam Cheong International LTD, who currently has 56 vessels scheduled for delivery, double that of the second rank, an another Malaysian company Coastal Contracts, who only has 28 OSV vessels on order.