Anchor-handler scarcity leads to record high North Sea rates

Record rates for anchor-handlers have been a feature of the North Sea OSV market in 2026, a trend that other brokers believe is unlikely to change, given the vessels’ scarcity. As Fearnley Offshore Supply senior market analyst Jesper Skjong told OSJ in late May 2026, the momentum behind rates shows no sign of abating. “In the AHTS vessel spot market, we continue to see sky-high day rates,” he explained, and “new all-time high records. What is more, the number of months in which the average day rate for vessels was above NKr1M (US$105,000) now exceeds seven, with rates recorded in March and April above even that level.”

As Mr Skong told OSJ, although a period like this, at such high levels, has never happened before, it is important to bear in mind that it is the dearth of supply that is the key driver, not least because the total number of anchor-handlers in the North Sea has not been as small as it is currently for several decades.

Whatever the cause, said Mr Skong, the fact of the matter is that the average day rates recorded in the spot market in April were the highest Fearnley Offshore Supply has ever reported, including a new rate record akin to that cited by Hagland Shipbrokers of NKr4M (US$425,000) a day for a single vessel. “While this particular fixture was the result of an urgent requirement hitting a market with just enough vessels able to cover it, it is a great illustration of the rather extreme supply and demand dynamics in the North Sea spot market,” said Mr Skong.

Equally as interesting as the very high day rates recorded recently – perhaps more so – are the lowest rate levels observed. “We recorded the lowest fixture levels in March, at around NKr800,000(US$85,000)/day, while the lowest reported rate in April was around NKr500,000(US$53,000)/day,” Mr Skjong told OSJ. “For reference, if we turn the clock back a year, the corresponding levels were NKr175,000 (US$18,500) and NKr250,000(US$27,000), respectively. That really underlines shipowners’ newfound confidence in the AHTS market going forward, as well as how finely balanced it is. Not much is needed for the market to move upwards, quickly.”

Also interesting in such a dynamic market is that although rates have increased significantly this year, the total number of fixtures has fallen by more than 25% compared to the same period in 2025. To underline this point, Mr Skjong highlighted the fact that a couple of moored semi-submersible drilling rigs both went off hire after completing contracts in the UK last summer, rigs that would otherwise have required a considerable number of vessel days throughout the year. As Mr Skong also explained, despite the supply side remaining muted, a low level of activity can still create volatility – April saw record high rates, but the momentum levelled off in early to mid-May, with only 10 fixtures, all of which were below the NKr1M (US$108,000) threshold. However, late May saw rates rise again, so that they averaged more than NKr1M over the course of the month.

Although the AHTS vessel segment has continued to see consistently high day rates, albeit with lower utilisation, owners of platform supply vessels (PSVs) had a much more uncertain start to the year, even though the spot market has also been experiencing a gradual reduction in supply, primarily due to vessels transitioning to long-term contracts or leaving the region.

Hagland Shipbrokers said activity in the spot market has been low compared to previous decades, and that most activity is centred around Norway where the political climate is more favourable to exploration and drilling activity than in the UK. “Unless political attitudes change, we expect demand levels to remain fairly constant, and rate levels relatively constant, if subject to seasonal variations,” it said.