Twenty-sixteen was the year the ongoing offshore slump finally started to catch up with shipowners, particularly in Singapore and the North Sea.
Two major players came close to failure and nearly all big operators were forced to launch financial restructurings as day rates remained below vessel operating costs for much of the 12-month period.
Retrenchment in the beleaguered oil and gas industry meant a big drop in demand for ships, leading to hundreds of units being laid up worldwide.
Westshore
