Owners of platform supply ships (PSVs) are switching flags to counter the effects of a dire North Sea spot market.
Broker Westshore called the market “very soft” after rates dipped below £3,000 per day to as little as £2,500 for cargo runs.
It added “most if not all owners” with PSVs are considering their options.
At least four Norwegian players are in the process of switching vessels from the Norwegian Ordinary Ship Register (NOR) to the Norwegian International Ship Register (NIS) or the Isle of Man, with more to follow soon, Westshore said.
The
