Anchor Handling Tug Supply : Is there a correlation between fuel consumption and rate levels?
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The last four years have seen offshore vessel owners struggle with declining utilization and revenues from their fleet. Reducing the cost of operation have been the focus for survival, second only to securing capital expenditure runway. Where other offshore segments have seen a clear favouritism from oil companies, hiring and advocating for vessels with more fuel and cost-efficient profiles, the powerful and complex AHTS vessels have been lacking a similar seen focus. This thesis has studied the variance between consumption and rate levels for the large sized AHTS vessels. Through statistical analysis and regressions, it sought to determine a correlation between consumption profile and rate levels earned, both from an overall perspective, and during power distribution favouring either buyer or seller, in geographical specified areas of operation. Interviews with eight relevant industry professionals were in addition conducted, to strengthen the quantitative results together with evaluating and connecting relevant literature on the subject. The overall results found that the fuel consumption has played a diminutive part in determining rate levels for these vessels. Indications where found supporting a positive correlation between less fuel consuming vessels and rates, when buyer’s bargaining power was strong. For the area specific research, the South American and Australian covered areas reflected to be the regions with the strongest consumption focus and rate correlation. Respondents were found to diverge in their expressed views, with oil companies more inclined to support a fuel efficient AHTS’s positive influence on rates, while owners expressed little confidence in consumption significantly affecting rates.