Development of the Commodity AHTS Market and introducing the 'Six Eighty’

1 Commonwealth Lane #06-21
One Commonwealth
Singapore 149544

Tel: +65 6327 4606 (24 Hrs)
Fax: +65 6221 4606

Email: mail@m3marine.com.sg

Professionals who add

Technical & Commercial Competence
www.m3marine.com.sg
to your Offshore Marine vessel needs

We are the Experts. Ask us! 1
Copyright 2012 – M3 Marine Group, All Rights Reserved

M3 Marine Group

PRESENTATION ON THE COMMODITY AHTS MARKET
And INTRODUCING THE “6-80” (6,000 BHP 80T BP AHTS)
OFFSHORE SUPPORT VESSELS ASIA PACIFIC, KUALA LUMPUR
27th – 28th February 2013 Capt. John Meade, M3 Marine Group

2

COMMENTARY
M3 Marine Group

HISTORICAL COMMENTARY

Since 2005 we have seen huge growth in a series of simple Asian designed and built ‘fit
for purpose’ AHTS’s grow into and dominate the markets of South East Asia, the Middle
East, West Africa and further afield. These designs were led by local Naval Architect
design houses Khiam Chuan (KCM) and Conan Wu.

They were ‘about’ 60m long and 15m beam. They had twin medium speed or high
speed engines totaling circa 5,000 BHP. Latterly CAT 3516 Engines predominated and
with a total horsepower of 5,150 BHP, this ‘commodity’ vessel type became known
colloquially as the “Fifty One Fifty” (51-50).

“SEA GUARDIAN” one of
the earlier 5150’s built for
GULFMARK by JAYA in
China in 2006

3

COMMENTARY
M3 Marine Group

Incumbent Vessels in the market: 5,150 BHP 65 TBP AHTS Vessel

To date, we estimate up to 300 of these units have been built and operate
internationally (over 100 from the Fujian South East Shipyard (FSES) yard in
Fuzhou alone). The Bollard Pull for these vessels range from 60T through to
69T (and only very occasionally do they reach 70T).

4

COMMENTARY
M3 Marine Group


“DAVID TIDE II” delivered
to Tidewater from Chinese
yard in 2010

5

COMMENTARY
M3 Marine Group


2010 built “VOS HECATE”
from a series built by
VROON OFFSHORE in
Fujian South East Shipyard,
China

6

COMMENTARY
M3 Marine Group


One of JAYA OFFSHORE’s
modern 5150’s the “JAYA
ALMIGHTY”

7

COMMENTARY
M3 Marine Group

A small selection of these vessels have been built in Singapore and Batam,
however these vessels are now almost exclusively being built in China with
Yards such as Fujian South East, Yuexin, Hangtong and GMG dominating the
sector. There are a few still being built in Miri (Sarawak) however China
pricing and quality impact their ability to be competitive.

The “ABLE SENTINEL” a
modern DP1 5150 built
for SENTINEL MARINE at
Fujian South East 2012

8

COMMENTARY
M3 Marine Group

These vessels are very much ‘work horses’ and are being used
extensively for rig and platform supply, jack-up towage, offshore
construction support and barge towing duties.

“GO ACAMAR” built by
OTTO towing a barge laden
with a Detachable Turret
Mooring (DTM) from
Singapore to Australia

9

DESIGN TRENDS FOR THE 5150
M3 Marine Group

LOA / BEAM

 LOA’s range from 55m up to 63m
 Some vessels extended past this (up to 70m)
 The commodity 5150 is typically between
58m and 61m with bollard pull in the low to
high 60’s (Tonnes).

A VROON 5150 “rolls” off the
production line at FSES. Standard
design assists the production process,
improves quality and decreases costs.

10

M3 Marine Group

DRIVE SIDE THRUST

 Twin shrouded CPP propulsion  Earlier single 5T to 6T tunnel bow thrusters.
 Now twin bow thrusters (to satisfy a long
dominates.
standing Saudi Aramco specification) with
 There are examples of ASD,
power ratings up to 8T as standard.
although rarer due in the main  Stern thrusters became ‘standard’ on the
to ‘cost’. Conan Wu variant and were also fitted to
some Owners KCM designed vessels
(notably Vroon Offshore).

11

M3 Marine Group

DYNAMIC POSITIONING (DP)

 Joystick control on all vessels with DP 1
becoming the norm.
 DP2 has been fitted to a very small number of
vessels in this class.

CARGO CAPACITY

 Carry Liquid Mud (Brine), Dry Bulk, Cargo Fuel
Oil and Water .
 Very few are fitted with Oil Recovery
 even fewer with Methanol.
 Deck Space is typically 350 m2
 Deck capacity is circa 500 Tonnes with
 5 to 7.5 T/m2 deck loading.
 Deadweight circa 1,200 to 1,400 Tonnes.

12

M3 Marine Group

ANCHOR HANDLING, TOW and DECK
EQUIPMENT

 Simple fit for purpose, high pressure twin
drum hydraulic Waterfall Anchor Handling
and Towing Winch Systems.
 2 x 8 to 10 Tonne SWL Tuggers
 Twin Capstans aft.
 Shark Jaws and Tow pins
 Stern Rollers are fitted as standard.
 3 to 5T deck crane
 We have witnessed a trend to have the
vessels classed with AH (Anchor Handling)
notation rather than the earlier Offshore
Support Vessel notation, important as
Petronas, for example, now mandate this.
 Meeting AH notation often requires a
‘beefing’ up of scantlings aft and around
the stern roller. At the design and build
phase, we feel this nominal extra cost is
well justified. 13

M3 Marine Group

OTHERS

 Classed FiFi 1 is fitted as
standard
 Accommodation capacity is
typically 35 to 42 persons.
 Non SPS compliant (only now do
we see the first 5150’s being
built with SPS)
 Single FRC
 Oil Dispersant booms and
tankage are fitted as standard
but typically not Oil Recovery.

14

CHART 1: HISTORICAL EARNINGS AND VALUATIONS 5150
M3 Marine Group

15

HISTORICAL EARNINGS AND VALUATIONS 5150
M3 Marine Group

As you can see, values in the sector have ‘stayed up’ but have
plateaued over the last 2 years however we would note that the
vessels sold latterly may have premium spec (twin 8T thrusters and
DP1) and were therefore more expensive to build. The DCR’s have
bounced back from their lowest levels about a year ago.

Vessel owners who were highly leveraged when the DCR was at its
lowest were hurting. Established owners were still able to make a
small profit and easily rode out this brief storm.

16

CHART 2: 5150 CURRENT VALUATIONS ACCORDING TO AGE OF VESSEL
M3 Marine Group

There is a sharp drop off in value as the vessels come up to their first
special survey. The value remains steady through the next 5 year
cycle with less of a fall.

17

THE FUTURE TREND – WILL THIS FORCE A BLANKET DESIGN CHANGE ACROSS
THIS COMMODITY VESSEL TYPE? (YES… WE THINK SO). M3 Marine Group

Whilst the demand for these ‘fit for purpose’ and
inexpensive AHTS’s remains high, it is M3 Marine’s
opinion that the market is in need of a revitalized vessel
model to replace the existing “5150” commodity vessel
type.

We are not alone in this assertion, as we note a
significant round of new build orders in the slightly
higher horsepower and higher specification vessel
bracket.

18


What is driving this?

19


We see a client driven demand for higher specification in specific
areas, particularly;

Bollard Pull – 65 TBP frankly does not cut it anymore. Clients need
70 TBP+ to support ever larger construction barges and jack-up rig
Marine Warranty requirements. We feel aiming for 80 TBP within a
certain price bracket will future proof acceptance of the new
commodity vessel for many years to come.

Deadweight – Due to their versatility and low day-rate compared to
small PSV’s, these commodity vessels often win contracts as SSV’s,
especially in Malaysia and Indonesia. As fields develop further out
to sea, the supply function demanding bigger deck space and
increased deadweight becomes more and more important.
20


Dynamic Positioning. End users are
now used to DP1 and are becoming
more and more exposed to vessels
with DP2. Rightly or wrongly, their
perception is that DP2 is safer and
are demanding such capability on
vessels that interact with their
facilities.

DP2 coupled with extra deck space
and enhanced accommodation
opens opportunities for simple ROV
support roles.

21


SPS – more than just a buzz word, SPS is now a minimum
requirement for vessels capable of operating with Special
Persons in regions such as India and Australia. This requirement
will (and is) spreading internationally. In short, if you are
carrying more than 12 persons in addition to the crew (regularly)
SPS is a must and at the design stage has little cost impact.

Oil Recovery. This
has not typically
been fitted to vessels
of the commodity
type.

22

THE DESIGNS
M3 Marine Group

We see several designs emerging in the market which meet the trend
towards the higher specification and satisfies the above improvements.
These vessels are circa 6,000 BHP total and are designed to pull 80 TBP. We
are tagging this vessel type as the

“Six Eighty”

The first raft of 6-80 orders predominately designed by KCM are framed
around an existing 60.5m hull form and we feel it is almost tailored
exclusively for Saudi Aramco. We see a lot of technology ‘squeezed’ into
this small hull form here.

Building to order is fine and if you can satisfy the client for the life of the
vessel, you are on to a winner, however, our feed back from our client base
leads us to believe that the market needs to move away from building boats
against single clients requirements and to innovate in order to service the
market as a whole. Especially when a single clients ‘approved spec’ can
change in a heartbeat (Aramco).
23

THE DESIGNS
M3 Marine Group

The KCM “SIX EIGHTY”

24

THE DESIGNS
M3 Marine Group

End of the line?

We note that the first series
of these 6-80’s utilize the
existing CAT 3516 Main
Engines re-geared and re-
rated to 6,000 BHP by
increasing the Revs to 1,800
RPM. This is effectively
running the engines on the
‘blood’ and we predict that
there will be no-where else to
go for this engine class in this
commodity vessel market.
25

THE DESIGNS
M3 Marine Group

One design that has captured our attention is a bottom up design from SE Asian
design house Focal Marine. This version of the Six Eighty features improvements
and additional features across the board as can be appreciated against the below
side by side table of comparisons to the incumbent “Commodity” vessel the 5150.

The Focal Marine “SIX EIGHTY”

26

THE DESIGNS
M3 Marine Group

Standard KCM 59.25m “5150” AHTS Focal Marine “Six Eighty Five” AHTS

LOA / Beam: 59.25 x 14.95 m 65.00 x 16.00 m
Criteria 1,340 tonnes 1,650 tonnes
Clear Deck: 330 m2 435 m2
Bollard Pull: 65 tonnes 80+ tonnes
DP: DP 1 DP 2
FiFi: FiFi 1 FiFi 1
Pax / SPS: 42 persons / Nil SPS 50 persons / SPS Compliant
Oil Recovery: Nil Oil Recovery Class 1
Haz Materials Nil Compliant
27

THE DESIGNS
M3 Marine Group

A non-Commodity and enhanced 6-80

To appreciate what we mean by commodity vessel, we can compare the 6-80 we are discussing
with the enhanced version offered by BOURBON OFFSHORE.

Their high spec LIBERTY class, built by Sinopacific Shipyard in China formed part of a massive
order for the French OSV player and features a Diesel Electric power plant and 3 x Azimuth
Thrusters aft for propulsion and positioning.
Significantly more expensive to build, these
vessels have performed well in one of
BOURBON’s key markets (West Africa) but
struggle to realise the required day rates (versus
cost) in the Asia region (where they fight head
to head with much cheaper vessels).

The ‘day rate is king’ End Users are generally not
motivated to realise the benefits that D/E
power can offer in fuel savings.

This may yet change in, say, Australia (carbon
tax) and against very long term contracts.
28

PRICING
M3 Marine Group

For a vessel to effectively the 5150 from its “commodity mantle”, build cost for this
higher spec vessel becomes the key issue.

From the earlier chart, we see that if you were to order a DP1 “5150” from a yard in
China today, you would pay between USD $10 and USD $11M depending on
specification. Current resale prices are between USD $11.5M and USD $12.5M.

For the Six Eighty, we have seen ordering costs in the $11.5 to $12.5M range… again
dependent on final specification.

At the higher price range, high speed engines are replaced with medium speed
engine packages. Medium Speed engines will ensure less wear and tear, standard
gearing, more reliability, higher torque and less maintenance. Typical makers of
these Medium Speed engines are Niigata, MAN, Yanmar and Wartsila.

We predict that this first raft of 6-80’s will resell, ex yard for between USD $13.5M
and USD $14.5M with a price trend upwards.

29

CHARTER RATE POTENTIAL
M3 Marine Group

We feel (as of today) time charter day rates for such a vessel
conservatively be in the region of USD $10,500 to USD $11,500 per day
with forecasts for this to rise over USD $12,000.

Building a vessel on spec for a potential long term bareboat should net
you a DCR of USD $6,000 to USD $7,000 per day for 3 to 5 years (again,
this is a somewhat conservative view).

This compares with rates today for a standard 5150 of;
 USD $8,500 – USD $9,500 per day for TC
 USD $5,000 – USD $6,000 per day for BB

We therefore see ROCI as healthy and more importantly, the vessel is
‘future proofed’ well into the next decade.
30

CONCLUSION
M3 Marine Group

“It is our opinion that the future of the standard commodity 5150 AHTS is now
showing some signs of limitation.

The vessels in circulation and the few remaining on order will serve the market
well, however the future is demanding vessels of bigger, better and more complex
specification.

Raw speculative building has more or less finished and Owners are showing a lot
more due diligence and exercising a lot more care prior to placing multiple orders.
Pricing is key and we feel that the work done to secure a new build price in the
mid $11’M’s to $12’M’s (depending on spec) will ensure ROCI similar to or
exceeding the returns enjoyed by owners presently working the commodity vessel
market.”

John Meade

COO
M3 Marine Group Pte Ltd 31

M3 Marine Group
Company Overview Professionals who add Technical & Commercial
Competence to your Offshore Marine vessel needs

ABOUT M3 MARINE GROUP OF COMPANIES
 M3 Marine was established in 2005 by Capt. Mike Meade
 We pride ourselves as one of Asia’s largest independent offshore
ship broking and marine consultancy groups – possessing the
necessary qualities and capabilities to meet the growing local and
international demand for specialized offshore marine services

2005 2006 2007 2008 2009 2010 2011 2012
Exciting times ahead!

Established M3OB M3ME Singapore SME Singapore SME 1000
1000 ISO 9001:2008 M3 Marine Group, one of Asia’s largest independent
OCIMF OVID and leading offshore ship brokerage and marine
consultancy groups, have, despite the tough market
conditions in 2011, ended the year on a high note.
 M3 Marine (Offshore Brokers) was incorporated in 2008 Riding on the back of having a clear understanding of
 M3 Marine Expertise was incorporated in 2010 the standards required by the end user and employing
top quality professionals with high level operational
 M3 Marine Group achieved Singapore SME 1000 status in 2011 experience, we have built ourselves a solid reputation
known for our prompt, quality and ‘added value’ service
 M3 Marine Group were again awarded Singapore SME 1000 status in 2012 which differentiates us from our peers.

As featured in Singapore’s Business Times SME
 Latest Developments: Magazine. Q1 2012
 M3 Marine Group are ISO 9001:2008 accredited
 M3 Marine Group are OCIMF OVID accredited

M3Marine Expertise Pte Ltd LTD
M3 MARINE GROUP PTE
ADDRESS 1 Commonwealth Lane, #06-21, ONE Commonwealth, Singapore 149544 T46066327 4606 M mail@m3marine.com.sg W www.m3marine.com.sg
15 Jalan Kilang Barat #06-03 Frontech Centre Singapore 159357 t: +65 6327 +65 m: expert@m3marine.com.sg w: www.m3marine.com.sg All rights reserved.
All rights reserved.

M3 Marine Group

The M3 Marine Group provides offshore ship broking and a comprehensive range of technical and commercial consultancy
services tailored to meet the needs of the Offshore Marine, Oil & Gas Industry. With extensive, real and valuable, multi-
faceted, industry experience and ‘up to the minute’ expert offshore knowledge, M3 Marine “adds value” where it matters.

The Group has a team of dedicated brokers who each hold ‘real’ industry background and a team of experienced project
engineers, experts in their respective fields.

It is further underpinned by a network of associates and contacts and a non-exclusive pool of mariners, chief engineers,
offshore engineers and industry professionals.

M3 MARINE GROUP CORPORATE STRUCTURE

M3 Marine Group

M3 Marine Expertise M3 Marine Offshore Brokers

Provides technical & Provides offshore ship broking
commercial / corporate services (time & bareboat charters,
consultancy services sales & purchase, new building)

M3 MARINE GROUP PTE

M3 Marine Group

M3 MARINE GROUP’S PRESENCE IN PROFESSIONAL AFFILIATIONS
INTERNATIONAL PUBLICATIONS

M3 Marine’s COO, Captain John Meade, is the
Group’s lead for Sale and Purchase on the
The Group’s founder and CEO, Captain Mike brokerage team and brings a wealth of
Meade (MNI), is a trusted and respected knowledge and acquired skills across a wide
contributor to the commercial needs of the range of marine disciplines. Having held
offshore marine industry, with a slant towards senior roles in Marine Warranty, Pilotage,
the subsea network, both locally and globally Towage and Port Operations, John provides
and is Asia Pacific’s Representation on the additional depth to the Group’s consultancy
IMCA Marine Division Management arm M3 Marine Expertise and provides expert
Committee. Mike previously held senior and valued opinion to the Industry. John is
positions within the Swire Group and Seacor also a key member of M3 Marine’s vessel
Marine Int. and has over 30 yrs of valuable valuation panel and whilst working extensively
commercial and operational experience. on S&P and charter requirements worldwide,
he maintains a particular focus on Australia.

M3 MARINE GROUP PTE

M3 Marine Offshore Brokers
Introduction Professionals who add Technical & Commercial

M3 Marine Offshore Brokers (M3OB) are one of Asia’s largest independent offshore ship brokerage houses, incorporated
in 2008 as a subsidiary company of the M3 Marine Group, situated in the ‘hub’ of marine activity and...

 sourcing a comprehensive spread of offshore support vessels to meet your chartering and /or purchasing
requirements
 facilitating and ‘adding value’ to your prospective transactions
 providing assistance in contract drafting translating into both time and cost savings
 ‘staying with you’ throughout the duration of the charter / sale / purchase / newbuilding process and maintain our
commitment to facilitating the relationship between the parties and our client’s objectives
 using BIMCO's IDEA, an internet-based charter party editing system, which protects the underlying text of edited
documents so that both parties will always know exactly what amendments have been made to the standard wording;
 playing a proactive role in ensuring ‘FAIR’ (IMCA) contracting principles are adhered to
 having direct access to a vast network of offshore vessel owners, operators, financial institutions, shipyards, keen
buyers and sellers
 offering REALISTIC RATE GUIDANCE
 having an excellent track record of satisfied clients and, as such, benefitting from a loyal customer base

Our brokers are constantly interfacing with the
market and gathering invaluable ‘market
intelligence’ in this process. Our data are live,
updated daily to bring across first hand
information to our clients and potential clients.

M3 MARINE GROUP PTE

M3 Marine Offshore Brokers
Services Overview Professionals who add Technical & Commercial

M3 Marine Offshore Brokers (M3OB) possess the commercial and technical knowledge and attributes to offer our valued
Clients a spread of brokerage services for Newbuilding, Sales & Purchase and Chartering.

This page provides an overview of the Services offered by M3OB:

CHARTERING (TIME & BAREBOAT) NEWBUILDING SALE & PURCHASE

 M3OB is well-versed in all manner of  M3OB is actively involved in the  M3OB forges strong business
time, bareboat & towage contracts entire newbuilding process – from relations with offshore vessel
the conceptualization of the vessel owners, financial institutions &
 Types of vessels M3OB brokers: through to its delivery numerous shipyards, thus we are
 AHT / AHTS / PSV always in the ‘loop’ of keen buyers
 DSV / ROVSV  This process includes: & sellers
 Barges  vessel design
 Crew Boats / Fast Supply Boats  vessel specification  We are well-versed with the
 Tugs (Harbour & Ocean going)  pre-qualification of shipyard market conditions and dynamics of
 Compact Semi Submersible  bidding the S&P sector to match the right
 Construction Support Vessels  shipyard selection vessel to suit the job for the buyer
 LCT  contract negotiation without compromising the quality
 Safety Standby Vessels  commercial closing of the vessel being brokered
 Heavy Lift Vessels  vessel delivery
 Jackup Barges / Liftboats
 Survey / Utility Vessels
 Workboats / Workbarges

M3 MARINE GROUP PTE

M3 Marine Expertise
Introduction Professionals who add Technical & Commercial

 M3 Marine Expertise (M3ME), a subsidiary of M3 Marine Group, was newly incorporated in early 2010 to focus on
providing first class technical and commercial / corporate consultancy services which meet the needs of the
Offshore Marine, Oil and Gas industry.

 We are a young and dynamic company with an excellent track record of delivering high quality technical and
commercial analysis, assessments and reports and have earned ourselves a growing pool of satisfied and repeat
customers.

 We are supported by a team of dedicated in-house projects engineers, led by our esteemed Managing Director,
Joey Fisher, and further backed by a network of associates, contacts and a non-exclusive pool of mariners, chief
engineers, offshore engineers and industry professionals.

Joey Fisher is a versatile and self motivated
Class 1 Marine Engineer with a wealth of
“Our clients value our astute commercial technical, operational and management
and operational acumen, up to date market experience in the Marine, Subsea and
knowledge and other synergies that we Offshore sectors, solution and results
draw upon within the Group network of orientated with solid communication, report
in-house technical and brokerage services. writing and organisational skills. With a
Through sharing of resources, assets and keen eye for detail and a passion for doing
abilities, we strengthen and bolster the things right the first time. Joey heads up our
quality, depth and breadth of our services team of dedicated project engineers who
and our reserve of expertise, providing the are based in Singapore and provide a wide Joey Fisher, (IEng IMarEng
technical assurance, adaptability and range of technical consultancy services. MIMarEST), Class 1 C/E and
flexibility, as is required by our clients, over MD of M3ME
Capt. Mike Meade, the course of a project.”
Group CEO

M3 MARINE GROUP PTE

M3 Marine Expertise
Services Overview Professionals who add Technical & Commercial

This page provides an overview of the Services offered by M3 Marine Expertise:

COMMERCIAL TECHNICAL

 ASSET VALUATION  AUDITS, SURVEYS & INSPECTIONS
 Valuation of Offshore Assets (OSVs, DSVs,  IMCA CMID & Diving System Audits, OCIMF
Barges, Tugs & Oil Rigs) OVID Audits, Pre-purchase condition surveys

 MARKET STUDY  PROJECTS
 Market Study / Research for Offshore Oil  DP & Diving Systems Consultancy (including
& Gas and OSV Markets Annual Trials & FMEA Authoring)
 DSV Services
 COMMERCIAL & CORPORATE CONSULTANCY  Wind Farm Installation Consultancy
 Merger & Acquisition, Corporate /  Newbuild and Conversion Supervision
Commercial Due Diligence  Project Management

EXPERT WITNESS / PLACEMENT MARINE WARRANTY

 EXPERT WITNESS M3ME offers marine warranty services and related
 Legal & insurance claims support expertise through our European arm led by Capt.
John Carroll:
 SPECIALIST RECRUITMENT  MARINE WARRANTY SURVEYS
 Placement for high level positions  MARINE REPRESENTATION
 RISK MGMT & RISK ASSESSMENT
 EXPERT PLACEMENT  SALVAGE & WRECK
 Placement of Specialist Marine Personnel  CONDITION SURVEYS & P&I REPORTING
i.e. Masters, DPOs, Chief Engineers etc.

M3 MARINE GROUP PTE

Key Customers
Professionals who add Technical & Commercial

M3 MARINE GROUP PTE

Enquiries
Professionals who add Technical & Commercial

FOR MORE INFORMATION ON OUR SERVICE OFFERINGS:

 M3 Marine (Offshore Brokers)
Email: mail@m3marine.com.sg
Tel: +65 6327 4606 (24 Hrs)
Fax: +65 6221 4606
Contact Persons: Capt. Mike Meade, Managing Director - mike@m3marine.com.sg
Capt. John Meade, Head of S&P - john@m3marine.com.sg

 M3 Marine Expertise
Email: expert@m3marine.com.sg
Tel: +65 6327 4606 (24 Hrs)
Fax: +65 6221 4606
Contact Persons: Ms. Wei Ling, Low, Marketing & Business Development Manager - weiling@m3marine.com.sg
Ms. Angeline Chng, Commercial Manager - angeline@m3marine.com.sg
Mr. Joey Fisher, Managing Director - joey@m3marine.com.sg

M3 Marine Group website: www.m3marine.com.sg

M3 MARINE GROUP PTE

Development of the Commodity AHTS Market and introducing the 'Six Eighty’

Recommended

Recommended

More Related Content

Similar to Development of the Commodity AHTS Market and introducing the 'Six Eighty’

Similar to Development of the Commodity AHTS Market and introducing the 'Six Eighty’ (20)

More from M3 Marine Group

More from M3 Marine Group (10)

Recently uploaded

Recently uploaded (20)

Development of the Commodity AHTS Market and introducing the 'Six Eighty’