20070201 - Asian Workboat OSV Forum - February 2007, Singapore


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20070201 - Asian Workboat OSV Forum - February 2007, Singapore

  1. 1. Marine Pte. Ltd. Ride on a sea of creative solutions Asian Shipping and Workboat Exhibition Suntec, Singapore OSV Forum Tuesday February 6 th 2007
  2. 2. Marine Pte. Ltd. M 3 - who we are and what we do <ul><li>Brokers and Marine Consultants </li></ul><ul><li>Commercial </li></ul><ul><ul><li>Chartering (Time and Bareboat) </li></ul></ul><ul><ul><li>Sale and Purchase </li></ul></ul><ul><ul><li>Newbuildings </li></ul></ul><ul><li>Technical </li></ul><ul><ul><li>Inspections (IMCA, DP, SnP, OPCO) </li></ul></ul><ul><ul><li>Safety Inspections / Accident Investigations </li></ul></ul><ul><ul><li>General Marine Consultancy (Offshore) </li></ul></ul>www.m3marine.com.sg
  3. 3. Marine Pte. Ltd. Overview <ul><li>Presentation Aims </li></ul><ul><li>Market wrt Vessel Numbers / Newbuilds </li></ul><ul><li>‘ Owners Mix’ with respect to what are we seeing in Asia </li></ul><ul><li>This presentation will not deal with the Techno – Operational Challenges Owners are facing but no doubt some will enter the discussion. </li></ul>
  4. 4. Marine Pte. Ltd. Market <ul><li>Unprecedented high levels of Utilisation </li></ul><ul><li>Rates as high as we have ever seen </li></ul><ul><li>Spot UT704s in the mid $20k’s per day </li></ul><ul><li>New 5000 BHP vessels in mid teens (around the $3 / BHP mark). </li></ul><ul><li>Crazy crazy prices for ‘spot’ rig moves </li></ul><ul><li>Subsea support vessels at all time highs </li></ul><ul><li>Sellers Market (Charter and SnP) </li></ul><ul><li>Shipyard supply tight through 2010 </li></ul><ul><li>Suppliers have upper hand, prices rise, deliveries long </li></ul><ul><li>Crews in short supply, Crew costs rising </li></ul><ul><li>Technical competence of crew diminishes as vessels become more complex </li></ul><ul><li>More and More paperwork </li></ul>
  5. 5. Marine Pte. Ltd. PSV Market (1500 – 4000T DWT) <ul><li>Relevance to Asia </li></ul><ul><li>395 vessels in Operation </li></ul><ul><li>103+ vessels still to be delivered (majority UT755(L)) </li></ul><ul><li>Newbuilds notably from Norway, China, India </li></ul><ul><li>Average Fleet age 10 years </li></ul><ul><li>Larger vessels not covered as relevance to Asia minimal (except Subsea) </li></ul>Is the PSV market being overbuilt? Graphic courtesy RS Platou (Asia)
  6. 6. Marine Pte. Ltd. Small AHTS Market (4000 – 7000 BHP) <ul><li>The dominant vessel type in Asia </li></ul><ul><li>531 vessels in Operation </li></ul><ul><li>80+ vessels still to be delivered (large amount of smaller 5150 BHP type) </li></ul><ul><li>Newbuilds notably from China, China, China with a ‘smattering’ of Singapore / Batam and India. </li></ul><ul><li>Average Fleet age 26 years. </li></ul>Where are the old vessels going? Graphic courtesy RS Platou (Asia) Are there too many 5150 BHP type vessels on order ? Are there too many 5150 BHP vessels on order ?
  7. 7. Marine Pte. Ltd. Medium AHTS Market (7000 – 12000 BHP) <ul><li>Growing demand in Asia </li></ul><ul><li>357 vessels in Operation (Global) </li></ul><ul><li>110+ vessels still to be delivered </li></ul><ul><li>Newbuilds: vast majority being built in Asia </li></ul><ul><li>Average Fleet age 22 years </li></ul>16 vessels to be delivered in 2010 – 2011, all Bourbon Graphic courtesy RS Platou (Asia) Comparisons with overbuilding in the PSV sector ?
  8. 8. Marine Pte. Ltd. Large AHTS Market (12000 BHP+) <ul><li>Growing demand in Asia </li></ul><ul><li>213 vessels in Operation (Global), mostly N Sea, South America, West Africa </li></ul><ul><li>98+ vessels still to be delivered </li></ul><ul><li>Newbuilds: vast majority being built in Norway thereafter Singapore and Japan </li></ul><ul><li>Average Fleet age 11 years </li></ul>Most of the ‘later’ deliveries are relative newcomers to the Large AHTS market (CHO, Sanko and Sealion) Graphic courtesy RS Platou (Asia)
  9. 9. Marine Pte. Ltd. Consolidated OSV Market 285 9 20 56 83 117 285 1101 Total 98 2 10 30 31 25 11 98 213 12,000 BHP+ Large AHTS 108 7 10 17 34 40 22 108 357 7,000 to 12,000 BHP Medium AHTS 79 9 18 52 26 79 531 4,000 to 7,000 BHP Small AHTS 165 1 19 69 76 165 812 Total: 49 1 7 15 26 5 49 115 >4000T DWT Large PSV 104 12 51 41 10 104 395 1,500 to 4,000T DWT Medium PSV 12 3 9 24 12 302 1,000 to 1,500T DWT Small PSV Total 2011 2010 2009 2008 2007 Ave Age To Be Delivered No. In Serv. Size Vessel Type
  10. 10. Marine Pte. Ltd. TDW – Extensive Global Fleet, Fleet replacement lags need, newbuild programme does not meet demand. Poised to take on newbuilds from ‘strugglers’ if (when?) market craters CKH – Global Player and Trader, a slight refocus on OSV sector post Seabulk merger with a conservative build programme with ‘healthy’ disposal of older assets. Traditional Owners
  11. 11. Marine Pte. Ltd. Gulf – Major NSea PSV player with aged Asian Fleet, poised for sizable growth in Asia as enters into Medium AHTS market with newbuilds SPO – Dominates the ‘Quality’ end over most sectors of the AHTS (below 12240 BHP). Now a minor PSV player. Well thought out newbuild strategy. Maersk – Charges along at over 16,000 BHP AHTS’s with a smattering of PSV’s. The ‘Anchor handler’ of Choice in Asia – availability tight Traditional Owners…..(cont)
  12. 12. Marine Pte. Ltd. Traditional Owners ….(cont) Bourbon – all aghast at the size and scale of their newbuild investment. Across the board, a self confessed growth plan by 2010 that will see; Farstad – Transitioned the P&O acquisition well. Huge growth in Australia with specific client focus
  13. 13. Marine Pte. Ltd. Traditional Owners ….(cont) Chuan Hup – Corporate high jinx with structure. Building a ruck of high end equipment in Japan. Not afraid to sell or enter new markets (Australia). Smit – has arisen from the ashes with high end newbuilds plus acquisition of Hadi newbuilds. Nomis – Solid, steady growth in Asia with newbuilds now a part of the mix. PRM – Owner / operator now Nav Arch and Builder
  14. 14. Marine Pte. Ltd. The new kids on the block….. Ezra – Has to be top of the list. Phenomenal across the board growth, quality, young and diverse fleet. Young aggressive management. NOR – In Partnership with Solstad offering a Niche service of high end new vessels tailored more to the ‘added value’ sector. PACC – Havila – The Norwegians making their mark with strong regional business powerhouse – one to watch.
  15. 15. Marine Pte. Ltd. The new kids on the block….. Sanko – In collaboration with Robert Knudsen. Sanko have decided ‘this time around’ they wish to be an operator. Expect to see up to 40 vessels by 2010. Deep Sea Supply – Big Norwegian powerhouse…the first ships are here. And….. Eastern Navigation, Miclyn, Strato, Swiber, Swissco, ASL and Sealink are all becoming players in the OSV sector
  16. 16. Marine Pte. Ltd. Finally….. … .We have all seen the Pzzaz surrounding the ‘X’ Bow, Attached in action.
  17. 17. Marine Pte. Ltd.