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Braemar and Westwood: OSV market facing headwinds with 54% utilisation in 1Q2021


Braemar and Westwood: OSV market facing headwinds with 54% utilisation in 1Q2021
Despite projected demand recovery post-2020, the global offshore support vessel (OSV) market continues to face a utilisation challenge – this is according to collaborative research from Braemar ACM Shipbroking (Braemar), one of the world’s largest chartering, derivative and S&P shipbroking companies and Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm.
Over the course of 2020, estimates for total utilisation for the global OSV market fell from 55% in 1Q2020 to a low of 49% in 3Q2020 following a sharp decline in rig activity, FID cancellations/deferments and significant logistical challenges posed by the global pandemic. In efforts to reduce operating costs, vessel owners have been quick to stack idle fleets, with global lay-ups accounting for almost 33% of total capacity. With effective utilisation (excluding stacked vessels) estimated at ....

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Westwood Global - offshore wind projects FIDs expected to increase 57%


Updated: 27/04/2021, 3:39 pm
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Offshore wind projects final investment decisions (FIDs), outwith mainland China, are expected to grow by more than half in the next 18 months.
New analysis from Westwood Global Energy shows that, compared to 2019-20, FIDs will grow by 57%, representing an additional 20.4 gigawatts of new power capacity.
Just under a third of this activity will be driven by emerging offshore wind markets such as the USA, Vietnam, and South Korea. ....

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