[QUOTE=c.captain;196224]well it was bound to happen to someone first but I still hold that there will be more blood to be let before the year is out…
I’d recon that 50% of the entire fleet is now idle including more than a couple brand new boats which have yet to ever go to work[/QUOTE]
Even if the Owners/Operators goes down the vessels still exist. Likewise, the vessels in layup are still depressing the market by their mere existence.
The oversupply can only be resolved by drastic scrapping of obsolete vessels, whether they are old or built to old designs and with inefficient machinery and equipment. (Not just by age limit)
As it is, the old and cheap boats, with low overhead and finance costs are underbidding and depressing day rates.
That low day rate and low fuel consumption at “economic speed” doesn’t equates low overall costs for the Charterer is difficult to explain to certain Operators, especially where the bean counters have final say. (I know, I have tried for years)
The alternative is conversion to other service, which is mostly relevant for modern PSVs.