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May vs JuneMay showed a significant rise in the average earnings for both Ahts and Psv. June has started even better for the spot vessels. Panther and Tiger are working for 70000 and 75000£/day. Lynx is in Aberdeen waiting for a charter. 7 Aths vessels are currently in demand while it looks like only Lynx and a Varan vessel is available. Dss does not have the most sophisticated vessels in the North Sea, but even though the Varan vessels are more powerful the oilcompanies are very skeptic to their Indian crews and management, so Lynx should be the first in line to get a new charter. The large Noble semi will probably postpone their rig move for a couple of days to get hold of some more powerful vessels, but this will leave the jackups for Lynx or it will be a helper on the big rig move. Hoping for 90.000£ When we look at the charterlist we see that Sea Leopard in Brazil will finish its spotcharter in June. That vessel is a wildcard since we do not know when the charter ends. It might work the whole of june and it might be idle at the moment. Also 2 Psv`s become idle in June, Witch and Bass. Both are tendered for Petrobras and together with Halibut 2 or 3 of them should get a 4 year charter. Halibut has had a great success in the North Sea. Sea Bass should be relocated immediately from the mediterranean to the North Sea unless Petrobras says something else. Sea Witch is very close to Australia and thay also need Psv`s so maybe it is better to keep this vessel idle for a little bit to see where the money is. Sea Cheetah becomes available in July. This Vessel is very well suited for Asia, but the Asians are reluctant to use a vessel as large as Cheetah. 15000BHP is considered a small vessel in the North Sea and a large vessel in Asia. The North Sea market is at the moment looking very good. Too few vessels available. All vessels that have been stacked are now out working. Several vessels have been relocated from other areas to the North Sea, but still demand is higher than supply. Several of the high end vessels have beeen relocated to charters and several are going to West-Africa. The area that we thought Sea Wolf could get some charters. Bear and Wolf is currently doing a Rig tow. 17.000$/day. A lousy rate but it is better than being idle. Wolf is using this rig tow to relocate to the Mediterranean. These vessels do not have the best equipment and are not suited for the North Sea, but I think it might be an idea to relocate them to the North Sea for the summer and use them as Supply vessels. They could get 20.000£/day and in autumn/winter hopefully we can send them to Brazil. We also have the question of the vessels that we have on bareboat hire. I do not think Sea Hawk is included in the revenues, but we earn some dollars on that vessel every day. I asked Finn Amund if he was able to get a buyoption an that vessel as we had earlier, but that was not possible. 4 vessels started charters in Sakhalin on the seventh of May, They will contribute more to the June revenues. We do not know the rate but one analyst estimated it to 22000$/day. In Brazil Sea Otter had a low mobilizationfee, but will earn full from June. Sea Marten will earn some mobilizationmoney, but full from July. Some vessels will probably end their charters in June, but since I do not have any information it will be difficult to calculate anything. April was terrible, really terrible, May was good. If June is like May I think we can get a Positive numbers in Q2. I said a couple of months ago that I hoped for a break even for Q2. That was before I saw the April numbers. I believed April to be better and I was surprised to see May develop this good. June is looking to be better, but long term contracts are still at a pretty low level so Big Oil probably see the North Sea market as a temporary boom. The last month has been very good to DSS. Even if the market is down a lot on the Euro worries DSS has kept is position. The dollar is rising compared to the Norwegian Krone so American stockholders may have seen some loss to their portfolios. There has been some talk about dividends on this board. It is all a question about liquidity. DSS does not have very good liquidity at the moment. JF has granted them a cash credit of 35.000.000$ if they need it. Lets hope that they do not need it. The charters they have made the last week will give a lot of money to the company, but it takes 2 months before the money is in the DSS bankaccount. Therefore I think we will have to wait a while before we see a dividend. Or we will see a dividend with a delayed payment. If we see the Sakhalin project continue to Korea I see a dividend after Q3. If not the visibility is not there.
Roar
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Msg # | Subject | Author | Recs | Date Posted |
5299 | Re: May vs June & Roar... | biloselhi | 0 | 6/6/2010 11:34:44 PM |
5325 | Re: More contracts in Brazil, Roar May vs June was spot on! | pumatigre | 1 | 6/10/2010 7:13:16 AM |