Data from online pricing portal VesselsValue shows that finally owners of OSVs are biting the bullet and sending vessels for recycling in significant numbers as the extended offshore downturn forces their hand.
So far in 2018, 43 OSV vessels have been sold for scrap. In the first three months of 2017 only 17 vessels were sold.
In a release VesselsValue said that if OSV owners are to survive the current prolonged poor market conditions, they need to think of the future market rather than the market of the past.
“Despite the low scrap value of old OSVs, owners are putting faith in the restructuring process and emerging a leaner entity on the other side,” the pricing platform noted. A prime example of this being Tidewater, who are top of the scrapping leaderboard selling 13 vessels for scrap in 2018.