Newbuild OSVs needed, but where is the finance?

Supply of modern vessels, especially those built since 2014, is tightening and very few are expected to enter the market this year, while even fewer have been ordered from shipyards.

DOF board member and Offshore Opex owner and managing director Harry Knox warned that while the market requires newbuilds, rising costs and limited yard availability remain very real concerns.

He spoke about the strengthening market and these challenges in an exclusive interview during Riviera Maritime Media’s Annual Offshore Support Journal Conference, in London, UK, in February 2024.

He stressed the overriding sense of positivity that pervades at present, while noting how this optimism can be seen across all stakeholders, from financiers to owners and charterers.

And while finance is needed to drive the construction of a new wave of dual-purpose vessels, there is currently an absence of firm contractual support for newbuilds, with speculative commitments only adding to current challenges.