Havila Shipping chief executive Njaal Saevik has laid up the company’s first vessels in the dismal North Sea market and says a spike in day rates will not tempt him to reactivate the ships.
Saevik tells TradeWinds that the oversupply of offshore ships means he is expecting possibly “two to three years” of tough markets.
Other companies should and will lay up more offshore assets, he says, adding that owners will just put the market “back to zero” if they do not resist the urge to reactivate ships at the first sign of improved rates.
