By Jacelyn Loo
‘Survival of the fittest’ is a running theme of ourOffshore Vessel Connectevents. The Darwinian Theory was continually repeated at the conference’s many discussions on the current state of the OSV market, with many turning to Darwin’s popular quote for direction:
"IT IS NOT THE STRONGEST OF THE SPECIES THAT SURVIVE, NOR THE MOST INTELLIGENT, BUT THE ONES MOST RESPONSIVE TO CHANGE.”
And with so many others seeking guidance on how to take charge on the recovery front, here are some valuable tips to take on board.
#1. Restructure, Reinvent and Drive
业界的共识是，在我们看到某种形式的复苏之前，离岸市场将经历一段较长的下行周期。只有当需求与供给同步上升时，油价才会上涨，在这之前，石油行业的参与者必须提高自己的竞争能力、应对变化和生存能力。虽然目前的经济衰退是20世纪80年代以来最严重的衰退之一，但离岸公司可以借此机会进行重组，重塑新的商业模式，并通过合作推动创新。
#2. Find New Ways to Collaborate
OSV operators will need to assess practical strategies to preserve cash, manage balance sheets and costs while servicing clients. Technological innovation is one of the key areas for companies to explore and focus on as a potential boost for the industry, where technology improvements will help stakeholders better compete on value and scale. While looking to build their competitiveness, businesses should also find ways to collaborate in the move towards operating profitably in a cost-sensitive market.
#3. Tighten Up on Crewing Costs
在困难时期更严格地控制船员成本和留住人才之间取得平衡是船东需要关注的另一个方面，因为大规模裁员将导致人才短缺和潜在的能力缺口。船员成本是运营费用（OPEX）的一个主要组成部分Farstad Shipping. OSV所有者为保持盈利能力而可采取的措施包括：在船上以较长的轮换周期与精干船员一起运营，审查船员采购策略，重新谈判船员工资，以及为待命和运营船员实施不同的工资结构。此外，还必须保持高水平的能力、安全和福利，同时降低船员成本，因为拥有一批技术娴熟、可持续发展的船员反过来又会带来可持续的业务。
#4. Brace Yourself for the New Wave
的OSV发货簿下降以来一直在下降in oil price, and while set to continue, excess capacity across all offshore segments makes recycling and scrapping the ultimate solution to lower supply and allow the OSV market to head for correction. While OSV builders anticipate more standardisation as opposed to specialisation where high-end specification vessels are built according to operator's’ requirements, oil majors, vessel owners and shipbuilders will have to work hand in hand to reduce the addition of newbuilds to the swelling supply pool of OSVs. Chinese yards have essentially been turned into ‘parking lots’ for idle newbuilds that have had their deliveries repeatedly delayed as vessel owners continue to negotiate for extensions to existing delivery contracts, and the stacking of vessels across the globe is just a temporary solution to the supply issue. Industry experts present the problem as ‘kicking the can down the road’, and doing a huge disservice to the OSV industry.
More consolidations in the still-fragmented industry are expected, in what is described as a ‘bloodbath’ by David Palmer, CEO of Pareto Securities—there are too many companies, too much equipment, and insufficient cash flow to attract new capital. OSV players will need to weather the storm, but those who manage to hold out until the market rebounds will be on course to take advantage of the upturn.
Like what you’ve read? Join us atOffshore Vessel Connect Europeto find out more about the future of the OSV market.
Jacelyn is responsible for tracking vessel and contract activities, reporting and analysing on the offshore supply vessel market for Asia Pacific, with a focus on the Far East and Indian Ocean regions. She also contributes to Offshore Marine Monthly (OMM) and Global Supply Vessel Forecast (GSVF), a bi-annual publication that provides supply, demand and utilisation forecast for AHTS and PSVs. Jacelyn holds a Bachelor of Business degree (Honours) from Nanyang Technological University.