3 ways chartering teams use Spinergie’s Market Intelligence solution to better understand OSV market dynamics

Since January 2023, the Anchor Handling Tug Supply (AHTS) and Platform Supply Vessel (PSV) combined sectors have seen effective utilization grow by 11%, but all sectors within the support fleet are seeing increased demand. This includes the Service Operation Vessel (SOV) and Crew Transfer Vessel (CTV) markets, which combined have seen effective utilization rise by 4% since 2020. 

‍Read More: A Bright Future? The State of the AHTS/PSV Market

This growth has resulted in a complex and challenging environment for charterers to navigate. Spinergie's Market Intelligence solution provides the insights needed to tackle these challenges and anticipate market shifts. In doing so, clients gain a competitive edge by uncovering previously hidden opportunities and potential risks.

Read on to discover more about how three key features within our tailored solution empower teams to make informed decisions and optimize strategies.

Understanding fleet supply: how many vessels match our needs?

Understanding vessel supply is key to any analysis of global fleet dynamics. Without access to an in-depth source of information detailing how many vessels are active in a market segment (AHTS, SOV, etc.) and its unique characteristics (where the majority of the fleet is located, its age, and the percentage with active enviro credentials), chartering teams are on the back foot as they undertake any tendering exercise. 

This is why Spinergie presents a comprehensive Fleet Analysis dashboard. We apply two methods to the supply overview: current supply and adjusted supply. These factors apply across the full fleet or by vessel type (more than one vessel type can be applied via the advanced filtering system).

‍Current and Adjusted Supply

The current supply is calculated using Spinergie’s activity data, i.e., work packages and charters. This data is populated using four threads. 

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• Vessel locations: Spinergie utilizes the power of real-time tracking across the global fleet. This means that with AIS-enabled, the 14,000+ vessels indexed in the database show positioning every five seconds.
• Charters, work packages, and activities: Vessel locations are then fed into three data sets. Underneath the main charter detail, work packages outline the main scope of the vessel charter: construction, O&M, decommissioning, etc. The final tier is activities - whether the vessel is in transit, stationary offshore, ashore, etc.

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This tiered approach ensures accuracy even when a vessel is “out of range.” At the very least, it is still possible to understand its contractual status and its most recent activities. 

Adjusted supply looks beyond the currently operating fleet to include all vessels, including those under construction and candidates for scrapping.

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A comprehensive dashboard of supply metrics

A basic understanding of the number of vessels in the global fleet is not enough for a deeper analysis. So, within the same intuitive Fleet Analysis dashboard, multiple interactive charts provide further insights. These charts help answer key questions such as: 

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• How many PSVs are Jones Act compliant? Using the available metrics detailed in the Current Supply chart, it is possible to see the number of vessels organized by main purpose, manager, and vessel type (among other things) that are eligible to work in the US under Jones Act constraints. 
• Is there an over or under-supply of CTVs in a given region? Understand where the majority of vessels are located - whether it be CTVs, AHTS, PSV, etc., and see at a glance what their contractual status is.  
• How many SOVs will be delivered in 2026? See the upcoming delivery flow of the full vessel fleet or market segments, such as SOVs. Access a visual representation—an easel replicated for internal presentations and knowledge sharing—or download it as a data table for further reference and customization. 
• How many potential scrapping candidates are there in the AHTS market? Spinergie indexes the vessels most likely to be scrapped or recycled out of the market in the near term. This is based on metrics, including the length of time stacked or the time it has been since the vessel last worked.  

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Have these questions piqued your interest? Contact our sales team for a demo today to find out how Spinergie can help you find the answers to these and many other market inquiries. 

‍Understanding utilization: what are current market dynamics, and how do they affect us?

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‍Utilization is an important factor in any evaluation of the vessel market. Furthermore, Spinergie’s ethos is to be fully transparent in calculation methods. The analyst team has overhauled utilization calculations to better reflect the true nature of the market, with two metrics: working utilization and effective utilization. 

‍Working Utilization

Working utilization represents the percentage of time vessels are actively engaged in some work (anchor installation, rig support, survey operations, etc). The working utilization metric excludes vessels with a medium or high scrapping probability since the start of their last laid-up work package. Additionally, vessels that exclusively work for other industries are also excluded from the metric. This ensures that only vessels truly relevant and active in the market are included in the analysis. 

‍Effective Utilization

Effective utilization takes working utilization and incorporates vessels that fall into “grey areas.” So, vessels undergoing modifications or other yard stays, vessels transferring between charters or activities, and vessels with a time delta too short for additional contracting between work packages are all covered under this metric. This gives a more comprehensive indication of when a vessel is unavailable in the market.  

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These two metrics of utilization give a more realistic depiction of the market, helping charterers:

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• Gain a better understanding of actual vessel supply, which makes it easier to make informed decisions when sourcing vessels and understanding pricing dynamics. 
• Improve forecasting procedures, which enables chartering teams to anticipate changes in availability and rates and adjust strategies accordingly.
• Undertake risk assessments by improving understanding of vessel utilization. This will help identify which market segments may be tightening and where rates may be likely to rise. It will also help mitigate risks through forward planning and adjusting timelines in line with trends. 
• Assess vessel effectiveness as they undertake certain work scopes and gain visibility into the vessel's true working schedule.

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Read more: Spinergie analysis highlights a clear link between enviro upgrades and high utilization in the PSV fleet

‍Understanding the environmental impact: which vessels match our emissions requirements? 

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Spinergie created the Enviro Score to illuminate the environmental impact of maritime vessels. It provides a simple visual representation of each vessel’s environmental credentials on a scale between 10 (the worst) and 100 (the best). This score is not set in stone, however, and evolves over time to reflect vessel behavior and any upgrades made to improve the vessel's emission performance. 

Beyond individual vessels, there is a fleet environment score that falls into two broad categories: working vessels and the total fleet. The working vessels score is particularly valuable to charterers seeking to discover the environmental score of a wind farm’s construction, operations, and maintenance phase. Additionally, this can be used to calculate a specific market segment within a region. The total fleet metric, meanwhile, includes the scoring of non-working vessels with a sliding scale of importance. For example, an active vessel counts 100% towards the score, while laid-up vessels contribute 10% to the score. 

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Environmental scoring is becoming increasingly important for chartering teams. It helps with:

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• Informed decision-making: with ESG reporting of increased importance to companies and for understanding the full emissions impact of offshore projects, the enviro score of vessels can play an important role in understanding the impact of the chartered fleet with the all-important data to back it up. 
• Enhanced market positioning: charterers can use the enviro score to differentiate themselves in a market that is increasingly committed to sustainability. A proven track record in using vessels with lower emissions highlights that sustainable practices are a priority. 
• Optimized operations: Higher environmental scores are associated with better fuel efficiency, which in turn leads to lower operating costs.

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By combining comprehensive fleet analysis with granular utilization data and insightful environmental scoring, Spinergie’s Market Intelligence solution provides charterers with a powerful tool to navigate the complexities of the OSV market. With access to this level of detail and analysis, chartering teams are empowered with a centralized solution that aids in making complex strategy decisions.

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