OSV operator MMA Offshore has projected an improved fleet utilisation for the remainder of this year as it has clinched a number of vessel contract extensions on the back of a recovering offshore vessel market.
An improving offshore marine market saw Topaz Energy & Marine back in the back in the black in Q1 with 86% fleet utilisation.
Rates for OSVs in the US remain underwater but utilisation levels are starting to rise and a “rational” approach to stacking and drydocking by owners could see pricing power start to return.
Jack-up rig operator and oil and gas services player UMW Oil and Gas Corp (UMW-OG) is expecting that positive sentiment and more optimism in the sector will lead to higher utilisation rates for its drilling rigs beginning next year.
Offshore vessel owner Bourbon reported a hefty loss of EUR279.6m ($299.1m) for 2016 in what it characterised as the “most acute crisis” for marine services in 40 years.
Rates for LPG shipping are forecast to rise in 2017 despite declining fleet utilisation, against the backdrop of demand and fleet growth up till 2018, according to DNB Markets.
Topaz Energy and Marine has recorded a third quarter profit of $14.6m, a 17.8% increase compared with Q3 2013.
Navios Maritime Holdings has chartered out its latest two panamax bulk carriers, Navios Taurus and Navios Northern Star.