The definition of ‘laid up’ used in this context: ‘Estimating the number of vessels in layup is an imperfect science, however, using a big data approach VesselsValue can provide a valid estimation using the following methodology. VV observes the recency of a vessel’s AIS signal and filters the data appropriately. Vessels that have not signalled for over a week are considered to be in layup.’
It is no secret that the Offshore sector is suffering. Through observing the figures, we can see that some areas are experiencing more layup that others. The worst of the market seems to be in South East Asia, where layup is at more than 36% in each subtype. More unexpectedly though, the US Gulf is closely following S.E.A in terms of layup consistency. The Middle East and West Africa regions are in a similar state and least surprisingly North West Europe remains the leading region globally.
Sentiment may change but the figures are what matters and will truly determine the speed and likelihood of a full offshore market recovery.