Marcon Sees Crewboat Revitalization

Tuesday, August 17, 1999
Marcon International presently has 102 crewboats officially available for sale, both domestically and abroad. As brokers, the company is starting to see signs of a revitalization in the crewboat market, and it has been perceived by most parties that day rates have bottomed out in the U.S Gulf. Utilization has been steady for the crewboat market, with increasing utilization and fairly steady rates. The main interest at this time, on behalf of owners/operators, still remains in the larger vessel market (120 ft. and larger). Daily rates for the 120 ft. crew boats are running just under the $1,800/day range, while 130 ft. vessels are commanding levels slightly above the $2,000/day range, depending upon the duration of work, etc. Larger vessels in the 145 ft.-and-up category are enjoying rates at the $2,500/day level and higher, depending upon specific jobs. The bottom of the market seems to be falling out at the 100-110 ft. range, where rates are stuck at the $1,200-1,500/day levels. These are the only vessels that brokers are seeing actively marketed on the second-hand vessel sale and purchase markets. Some larger vessels may be developed on an unsolicited basis, but owner's are requesting higher sale prices than what buyer's seem willing to convey, in order to secure same. Some recent activity in the market comes from the Tidewater camp. The company purchased three 152 ft./72 passenger newbuild crewboats (still under construction) from the besieged company Hvide Marine. This was part of a larger six-vessel deal, which also included 205 ft. supply boat Seabulk Oklahoma and two foreign built 4200BHP Z-peller newbuilds from Singapore.
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