S&P activity in OSV sector down 43% y-o-y

S&P activity in the offshore support vessel sector is down 43% y-o-y based on total sales as of the end of November, according to the latest data from a leading ship valuation firm.

Total sales year to date at the end of November reached US$1.63Bn, with 155 vessels changing hands, according to VesselsValue (VV). This represents 57% of the aggregate value at the same time in 2023, when 341 offshore vessels were sold, totalling US$2.86Bn. VV totals do not include the sales of fast supply vessels nor platform supply vessels (PSVs) of 300 dwt and under.

In one of the most recent vessel transactions, Dutch vessel owner Braveheart Marine reported the sale of Braveheart Spirit to an undisclosed owner on social media.

Braveheart Spirit (ex Bourbon Gulf Star) is a 2,900-dwt PSV built in 2010 by Zhejiang Shipbuilding. According to VV, the PSV was acquired by Braveheart Marine in December 2021 from Bourbon for US$1.7M, less than half of its market valuation at the time of US$3.93M.

While the amount of the most recent transaction was not disclosed, the Dutch owner could well have pocketed a tidy sum on the vessel’s sale based on its current market value, which the UK-based ship valuations firm estimated at US$12.24M as of 8 December.