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Vessels undergo drydocking for various reasons, including regulatory compliance, maintenance, and upgrading. But what are some of the key trends surrounding each of these reasons and how do these trends indicate probable future vessel supply?
Using data available through Spinergie’s Market Intelligence solution, senior offshore energy analyst Hugo Madeline takes a closer look at how drydocking trends impact the market and shares further insight into this crucial activity.
On-going Maintenance
The foremost driver of drydocking activity is ongoing maintenance with any unexpected issues often requiring vessels to be drydocked for minor modifications and repairs. These interventions ensure continued efficiency and safety.
Market trends indicate that there are fluctuations in drydocking activity that are opposite to the working activity trend. This shows that owners are willing to postpone maintenance to secure additional contracts in favorable market conditions. A significant outlier to this general trend was the significant pause in 2020 due to the COVID-19 pandemic. This delayed much of the scheduled drydocking programs around the world.
Spinergie has mapped all the major drydocks to better characterize activity hotspots and the main players. This mapping has revealed that the four facilities with the highest vessel days are: Grandweld Yard in Dubai, UAE; Albwardy Damen, UAE; Tanjung Riau, Indonesia; and Navship Navegantes, Brazil.
Special-Purpose Surveys (SPS)
Another major factor is the Special Purpose Ships (SPS) Code renewal. This five-year renewal applies to vessels carrying special personnel and ensures compliance with safety regulations.
During the survey, vessels undergo a comprehensive inspection and certification process. This includes structural assessments, safety equipment checks, and system upgrades to meet evolving industry regulations and remain fit for purpose. This process is mandatory and vessels must do it to remain in the market.
Drydocking demand from SPS renewal follows newbuild activity. Maintenance timing can be estimated by tracking vessel delivery dates, but, while planned maintenance periods are flexible, and dates are only indicative, this does provide a good indication of when a vessel is likely to have an out of service period.
Major Refitting
Major retrofitting programs also contribute to drydocking demand. Upgrades may include dynamic positioning (DP) system enhancements, equipment modernization, or energy storage systems (ESS) installations.
Spinergie has identified 43 vessels undergoing ESS retrofitting in specific shipyards. Westcon in Ølensvåg, Norway, emerged as a key player by accounting for 25% of these retrofits. This trend aligns with the strong presence of ESS-equipped PSVs on the Norwegian Continental Shelf.
This article was originally published in our Monthly OSV Report. To find out more about how you can subscribe to Spinergie’s Market Intelligence solution contact us today: Click Here.
