Offshore Support - Past Reports

In 2024, Marcon saw a slow start with few sales in the first few months, a trend echoed across the industry. However, by mid-year, the market rebounded significantly, with Marcon completing 20 sales or charters, including private sales of two PSVs, a research vessel, and a crew boat. This comes after 31 sales and one charter in 2023. The OSV market has witnessed steep price increases, driven by low order books and high demand, resulting in all-time high rates. Investment opportunities in secondhand OSVs are particularly attractive, despite challenges in financing and new EU emissions regulations.

In our March 2024 offshore market report, Marcon reports 304 supply, tug supply, crew, fast supply and pilot boats officially on the market for sale out of 3,930 tracked worldwide. The worldwide S&P market has seen a fair bit of activity over the past several months as utilization has continued to stay strong. Utilization rates being reported by the large public companies are running well over 90% in many regions and oil prices are flirting with US $90/BBL. Coupled with continuing inflationary and supply chain pressures, these factors are driving good returns for companies, and daily rates, sale prices, and replacement costs will continue to be pushed higher.

In our September 2023 offshore market report, Marcon reports 355 supply, tug supply, crew, fast supply and pilot boats officially on the market for sale out of 4,075 tracked worldwide. We have fewer offshore support vessels listed for sale now compared to one and five years ago. We expect the U.S. mini supply / DP1 vessel market to soften in the coming months due to the end of the season for P&A work. However, we see rates remaining high and tight availability for bigger DP2 over 240' supply vessels working long term deepwater projects. Demand and supply has been impacted by the offshore windfarm markets as new projects are announced or plans are abandoned. So far in 2023, Marcon International has sold three platform supply and three anchor handling tug supply vessels.

In our March 2023 offshore market report, Marcon reports 325 supply, tug supply, crew, fast supply and pilot boats officially on the market for sale out of 4,091 tracked worldwide. As the world has reopened post-pandemic, we have seen a corresponding increase in demand for tonnage. The offshore oilfield market has continued to make marked improvement since our September 2022 offshore supply market report, and shows no signs of abeyance looking into the future. Rates continue to strengthen and vessel sales into and out of the oilfield market continue to move at a rapid pace.

In our September 2022 offshore market report, Marcon reports 448 supply, tug supply, crew, fast supply and pilot boats officially on the market for sale out of 4,100 tracked worldwide. The pandemic severely stalled sales activity from the second quarter of 2020 through the end of 2021. To date in 2022, we have seen an increase in sales as sellers' pricing adjust to what the market will bear for age and condition. Improvement in the offshore oilfield and the offshore wind markets are driving demand for units.

In our March 2022 offshore market report, Marcon reports 529 supply, tug supply, crew, fast supply and pilot boats officially on the market for sale out of 4,149 tracked worldwide. While we only completed 10 sales and charters in 2021, we ended first quarter 2022 with eight sales and several more pending. In the market, we see the number of OSVs available for sale decrease, while recently enquiries for vessels has increased. This has led to sellers' prices increasing, even between our initial and follow-up enquiries. The market is tight, with uncertainty still prevalent given the Ukrainian war, new COVID-19 variants and resulting impacts on the global economies.

In our September 2021 offshore market report, Marcon reports 587 supply, tug supply, crew, fast supply and pilot boats officially on the market for sale out of 4,109 tracked worldwide. Since our last report in March 2021, the offshore supply market appears to continue to improve in most geographic regions. With the continuing battle with varying country and industry responses to the COVID 19 pandemic, economic crises, natural disasters, global supply chain disruptions, et al, there are unequal changes to the offshore supply market. Marcon has had few inquiries for offshore supply vessels and crew boats in the U.S., though we have heard of some sales at just above scrap prices for laid up tonnage. Worldwide operational boats are in limited supply, which will improve second-hand prices and day rates in the near term.