In the North Sea, average charter rates for offshore support vessels show stabilization, in Brazil demand is increasing due to large investment programs, while in Canada attention is turning to major government projects, primarily for icebreakers.
These trends reflect the continued demand for support of offshore projects, despite the challenges posed by energy price volatility and geopolitical developments.
In the North Sea, increased activity in maintenance projects and new drilling strengthens demand for specialized vessels, while fleet availability constraints keep rates at competitive levels.
According to the report by shipbroker SSY, the PSV market shows stability, with rates in Norway reflecting higher demand compared to the United Kingdom, likely due to intense activity in Norwegian offshore fields.
In the AHTS sector, increased mobility in heavy towing and platform support operations appears to be pushing rates upward, particularly in the UK market.
Specifically, daily PSV rates in Norway reached approximately $9,500, while in the United Kingdom they were around $4,572.
For AHTS, rates in Norway touched $11,685 daily, while in the United Kingdom they recorded higher levels (at $20,955).
On the other side of the Atlantic, Rystad Energy data shows a strong order program in Brazil, with PSV rates remaining at high levels, with modern and high-efficiency vessels achieving an average spot market charter rate of around $26,000/day.
Notably, Petrobras—the country’s largest oil and natural gas transportation company—is intensifying its investments in support vessels.
It recently signed a contract worth 16.5 billion reais ($2.8 billion) for the construction and charter of 12 new vessels by 2029, with a mandatory 40% local construction rate.
The goal is to support increasing oil and natural gas production and boost the local shipbuilding industry.
Overall, the company plans to acquire 48-52 new support vessels.
It is recalled that earlier this year, Tsakos Energy Navigation secured 15-year employment contracts with Petrobras, while the deal involves the construction of nine DP2 Suezmax Shuttle Tankers.
Total gross revenues from this agreement are expected to reach $2 billion.
These deals, according to analysts, create long-term demand for shipowners already operating in Brazil or intending to collaborate with local companies and shipyards.
In Canada, the government is focusing on strengthening the heavy icebreaker fleet.
Two new units worth over CAD 3 billion each have already been commissioned, with deliveries by 2030.
Based on data, globally, the value of the OSV market is estimated at $15.55 billion in 2024, with projections to reach $27.81 billion.
dollars by 2033, recording an average annual growth rate of 6.7%.
Today, more than 4,900 offshore support vessels are active worldwide, of which approximately 65% operate in the oil and gas sector, supporting over 1,200 offshore platforms.
OSVs cover three main categories, with the majority of vessels being platform supply vessels (42% of the global fleet, with over 2,000 active units) and AHTS representing 30% of the fleet, with around 1,500 active vessels.
Regarding the construction sector of offshore support vessels, the Asia-Pacific region leads global OSV production, building 38% of new vessels, while the industry directly and indirectly supports approximately 250,000 jobs worldwide.
In fact, according to the same data, the period 2025-2029 indicates that shipowners who can combine specialization, strategic presence in the right markets, and flexibility in fleet management will face significantly higher returns.
