OSV owners urged to order before shipyard slots fill up

Owners seeking to expand their fleets of offshore support vessels (OSVs) or convert existing ships into upgraded assets need to act swiftly before shipyard slots are filled.

M3 Marine senior broker Mili Verma discusses the offshore support vessel market during an interview at Riviera’s Offshore Support Journal Conference, Asia 2024, held in Singapore in September.

She describes the sales, purchase and newbuild opportunities and why there is a long delivery timeline for new vessels.

Ms Verma says investment is coming from outside the OSV sector with merchant shipowners, especially those headquartered in Greece, beginning to order new support vessels.

She expects medium-sized OSV owners to start investing in fleets before shipyard slots are filled. However, the biggest challenge facing owners is finding finance for these investments.