The offshore vessel fleet needs to shrink by nearly one-third to get rates back to healthy levels, restructuring experts told the TradeWinds Jones Act Shipping Forum.
But the culling remains stymied by banks not wanting to face up to major losses on loans to the industry.
Randee Day, a senior advisor at restructuring and financial advisory company Goldin Associates, told the forum that the ratio of offshore vessels to each working oil rig is double what it was 10 years ago.
