Southeast Asia area report
Broker finds recovery underway and standard rising
In its latest report on the offshore market in Southeast Asia, Fearnley Offshore Supply said “recovery is definitely on the horizon”, and noted that new orders are being placed on a weekly basis
I
n an upbeat assessment of the market in Southeast Asia, well-known broker Fearnley Offshore Supply said that not only were owners feeling more optimistic, but that the quality of vessels being chartered is rising. “New yards are again entering the offshore space, but contrary to the previous order cycle, it is not green field yards that are taking the lead but traditional yards with strong track records in building for the shipping industry that are taking the orders,” said the broker. “Shipyard prices are at the lowest levels we have seen in years,” it said. “Payment terms are very attractive and the long-term market outlook supports new construction, albeit in a conservative fashion.
“The timing is right for more expansive fleet renewal orders but for the good of the market we would prefer to see speculative orders kept at a minimum for the immediate future. “Post-delivery financing is, however, still a huge question mark,” said Fearnley Offshore Supply. “Most European banks are still sitting on their hands. Asian banks are more willing to lend, but conservatism has also hit home in this part of the world. “Investor money, on the other hand, is readily available with a wide range of investors and funds ready to shift their money from other industries and markets into offshore projects – as long as the return is high, and in sight.” Short term and long term, activity is expected to be high, both in Asia and Australia, the broker noted. Rates are “steady but have yet to rise
Fearnley Offshore Supply says charterers are driving demand for higher quality vessels
noticeably as vessel supply is still plentiful with new vessels coming ‘online’ every few days.” Fearnley Offshore Supply said that projects in India, Brazil, Nigeria, Congo, Angola, Namibia and Sakhalin are all having what it called “a magnetic effect” on Asian vessels. “Every week new contracts are announced drawing vessels away from the region, ensuring a better supply- demand balance in the Asian markets, in turn keeping utilisation percentage up for owners.” Traditionally, Southeast Asia has been associated with relatively inexpensive, unsophisticated vessels, but this could be changing, the broker believes. “This situation is gradually changing, and we are seeing progress
year-on-year in terms of fuel efficiency, emission, comfort and safety.” The broker said this change is being driven by charterers, who are gradually taking greater interest in these concepts, and incorporating higher specification requirements into their tenders. This is leading to more and more instances of older vessels – of 25 years plus – becoming redundant and the ones that are ‘middle aged’ requiring conversions and upgrades to stay in the game, making for a safer operational environment for the industry and a healthier supply-demand relationship, driving stronger competition and higher standards. OSJ
Colombo Dockyard launches new vessel for Greatship
In March, Colombo Dockyard PLC (CDPLC) launched the first of a series of three multipurpose PSVs for Greatship Global Offshore Services Pte Ltd.
The vessel was designed by Seatech Solutions International (S) Pte Ltd of Singapore
and incorporates an oil recovery arrangement. It has the capability to operate as a PSV and a light construction support vessel.
The vessel also complies with the SPS Code 2008 and Clean Design requirements. Delivery is scheduled for the second quarter of 2012.
PT Jaya Asiatic shipyard delivers ROV/subsea vessel
PT Jaya Asiatic Shipyard, a wholly owned subsidiary of Jaya Holdings
Ltd, has
delivered Jaya Pearl, a DP2 ROV support and subsea vessel.
Built to the latest standards, equipped with an active heave compensated crane, helideck
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and moonpool, the vessel is compliant with the SPS 2008 Code and capable of carrying 120 officers, marine and project crew. “Jaya Pearl was designed and constructed for global operations, and outfitted with best- in-class machinery and equipment, thus
ensuring safe and dependable operations,” said a spokesperson for the yard. With the delivery of Jaya Pearl, Jaya Holdings Ltd has a modern fleet of 30 offshore assets, with an average age of less than three years.
Offshore Support Journal I June 2012 I 35
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