Page 31: of Marine News Magazine (February 2024)

Ørsted vessel rates, and these impacts are felt more strongly in the U.S. than they are in Europe, Møller said. “Now we are paying the premium, because the oil market is high. But going further down, probably oil market is going to take a turn again and our business will become equally cheap, because we are connected to the oil market much more here in the U.S. than we are in Europe.” “The oil and gas market is re- ally picking up. It’s using up a lot of those vessels,” MacInnes said, noting that many OSVs were scrapped amid weak activity during the years of the pandemic, leading to shortages—and higher rates—in today’s strong mar- ket. “When COVID came, there was no work. We had to scrap all these vessels. Now we look back, we wish we had more of those vessels.” www.marinelink.com MN 31|