Across the globe, large parts of the offshore fleet are laid up. In a number of areas, as much as half of the active fleet is even involved. According to figures by VesselsValue, South East Asia is the market with the highest number of laid-up ships.

Europe scores relatively well with lower percentages for supply vessels and offshore construction vessels; however, the number of laid-up mobile drilling platforms is very high at 47%.

Since the drop in oil prices, the offshore sector has been experiencing a downturn with minimal investments in new projects and exploration. This not only affects offshore supply vessels and construction vessels, but also the multi-purpose and heavy-lift market; the bankruptcy of Hansa Heavy Lift serves as a recent reminder of this.

In Europe, the construction vessels are aided by the growing market for renewables and energy, which according to Drewry analyst Susan Oatway is ‘one of the few markets with a positive outlook’.

Explanation for infographic:
• OSV = Offshore Supply Vessel
• OCV = Offshore Construction Vessel
• MODU = Mobile Offshore Drilling Unit