One of the reasons Pareto Securities is confident in the offshore sector is that things have gotten weird in the secondhand market.

While giving an overview of the offshore vessel market during Pareto Securities Energy Conference on Wednesday, analyst Jorgen Sovik Opheim recounted the saga of the 5,400-dwt Rem Crusader (built 2010).

The ship was previously known as the Havila Crusader and was sold to a Greek owner for $11.5m