Boskalis proves to be an ‘aggressive’ cash buyer, reeling in ALP Maritime Services, while others snag older AHTS vessels to bolster their fleets
Early 2024 has been marked by some significant consolidation and S&P activity in the anchor-handling tug (AHT) and anchor-handling tug supply vessel (AHTS) sector.
Altera Infrastructure became a pure-play shuttle tanker and floating production, storage and offloading (FPSO) company, following its sale of ALP Maritime Services and its fleet of AHTs to Dutch vessel owner Boskalis. As we previously reported, ALP’s fleet are powerful and versatile dynamic positioning class-2 vessels, which are designed for long-distance towing and anchor handling with bollard pulls of more than 200 tonnes. While ALP Maritime Services calls the vessels in its fleet “anchor-handling salvage tugs,” they can support everything from towing infrastructure for offshore windfarm projects to mooring and positioning floating, production, storage and offloading (FPSO) vessels, to responding to emergency operations.
Meanwhile, the sale by Altera Infrastructure will help it gear up for emerging opportunities in carbon capture and storage, including the Stella Maria CCS project in the North Sea.
In its latest offshore analysis, shipbroker Fearnleys characterised the acquisition by Boskalis as “significant,” adding “this is merely the latest in a string of moves made by Boskalis, which overall has played the down-cycle well and added multiple high-capacity units.”
Previous acquisitions by Boskalis have included the former BOA Sub C, Boka DaVinci, Apache II and North Ocean 105.
“With the latest addition of eight AHTSs, we see Boskalis has been one of the most aggressive cash buyers in the S&P market and is well positioned to benefit from the strengthening market balance,” said Fearnleys.
Both Solstad Offshore and Maersk Supply Service have also further rationalised their fleets, selling older tonnage to eager buyers.
Solstad sells laid-up AHTSs
Norway’s Solstad reported it had sold two 78-m anchor handlers that had been in long-term lay up in southeast Asia in a stock exchange filing. The Norwegian owner sold the 2007-built Far Sound, in lay up since 2016, and the 2008-built Far Scimitar, in lay up since 2018. The Oslo-listed owner reported it would record a total gain on sale of the two vessels of approximately Nrk75M (US$7.1M) in Q1 2024.
Denmark’s Maersk Supply Service sold three 2009-built, 13,872-bhp AHTSs: Maersk Transporter was acquired by SPM Neel Pratap, while Maersk Tracer and Maersk Tracker were bought by Delta Logistics.
According to data in the Equasis, Maersk Tracker, with 178 tonnes bollard pull, was renamed Delta Titan, while Maersk Transporter, with 165 tonnes bollard pull, was renamed Delta Vanguard. Both DP-2 class AHTSs are managed by OSM Offshore. Now owned by SPM Neel Pratap, Maersk Tracer, with 165 tonnes of bollard pull, has been renamed SPM Neel Pratap 180.
“These exits effectively support the North Sea AHTS balance with three low-capacity units being permanently removed,” pointed out Fearnleys.
“Boskalis has been one of the most aggressive cash-buyers in the S&P market”
This should have a positive effect on a strengthening market. Fearnleys noted buoyant average day rates being recorded in the AHTS segment in the Norwegian North Sea. The shipbrokers said day rates averaged more than Nrk800,000 (US$75,300) during February, more than twice the levels seen in the same months in 2023. “A large contributor to this elevated figure was the number of fixtures concluded at or above Nrk1M (US$94,200), of which there were few last year. In a similar fashion, average day rates for AHTS on the UK side also came in quite strong at £55,000 (US$70,000) for the month of February,” it said.
Seabrokers explained that 2024 began in the favour of charterers but shifted in February due to “periods of severely limited vessel availability on the spot market. That led to rate spikes in February as high as Nrk1.5M (US$146,410) in the Norwegian sector, and £105,000 (US$132,850) in the UK market.”
Average utilisation rates were 94% in the UK and Norwegian sectors of the North Sea for both OSVs and offshore construction vessels (OCVs), according to VesselsValue data. The UK-based ship valuation firm reported 503 OSVs and 202 OCVs were active during February. Only 12 OSVs and 32 OCVs were laid up in the market.
The market is extremely tight for largest AHTS vessels (>16,000 bhp). During Raymond James 45th Annual Institutional Investor Conference in March, Tidewater reported average leading-edge rates of US$37,899 for these type vessels for Q4 2023. Globally, 153 large AHTSs are active, with an average age of 13.2 years. Just nine others are in lay-up, with an average age of 19.7 years.
ALP Maritime Services anchor-handling salvage tugs fleet | ||||||
Vessel | Length OA | Beam | kW | Bollard pull | Yr built | Shipyard |
(m) | (m) | (mt) | ||||
ALP Striker | 88.5 | 21 | 18,000 | 312 | 2016 | Niigata Shipbuilding |
ALP Defender | 88.5 | 21 | 18,000 | 306 | 2017 | Niigata Shipbuilding |
ALP Keeper | 88.5 | 21 | 18,000 | 302 | 2016 | Niigata Shipbuilding |
ALP Sweeper | 88.5 | 21 | 18,000 | 303 | 2017 | Niigata Shipbuilding |
ALP Centre | 74.3 | 20.9 | 18,000 | 297 | 2010 | Mützelfeldtwerft Yard |
ALP Guard | 74.3 | 20.9 | 18,000 | 284 | 2010 | Mützelfeldtwerft Yard |
ALP Winger | 65 | 18.5 | 14,000 | 208 | 2007 | Mützelfeldtwerft Yard |
ALP Forward | 65 | 18.5 | 14,000 | 219 | 2008 | Mützelfeldtwerft Yard |
Source: ALP Maritime Services |
Viking Supply opts out of PSVs
In the platform supply vessel (PSV) sector, Viking Supply Ships (VSS) has sold its interests in two vessels, after terminating its management agreements for Cooper Viking and Coey Viking. VSS said it executed a ‘put option’ on the shares in the vessel ownership companies.
“The put option is regulated in the shareholders agreement between Viking Supply Ships and the company managed by Borealis Maritime, and the shares will be sold based on the market price of the two PSVs, to be decided by two designated shipbrokers,” the company said.
Both 89-m, 5,500-dwt PSVs were built by Remontowa Shipbuilding in Gdansk and delivered in 2021.
VSS said it expects to book a gain of approximately US$8.5M and a cash release of approximately US$17.5M. The transaction was expected to close by Q2 2024.
© 2023 Riviera Maritime Media Ltd.