The last platform supply vessel has exited lay-up in the North Sea, signalling the end of a torrid period for shipowners.

Norwegian broker Westshore said Gulf Offshore’s 3,100-dwt Offshore Monarch (built 2003) is now back in action after being stacked in Great Yarmouth, UK, since July 2018 — a total of 1,525 days.

Ships began to be stacked in 2015 as rates tanked, with nearly 120 PSVs idle in docks at the market’s nadir in 2016 and 2017, compatriot broker Seabrokers said.