The outlook for the offshore support vessel (OSV) business has brightened considerably since the dark days of the previous decade and is possibly in a “Goldilocks moment” — not too weak and not too strong. While strengthening, it has not yet reached the point of significant new vessel ordering. Paradoxically, across maritime markets, observers are often concerned when exuberance gets out of hand. ...
The article presents a remarkably cautious narrative surrounding the OSV market, characterized by a “Goldilocks” moment – not enough growth to generate widespread exuberance, but also not enough distress to trigger a flood of discounts. The core pattern here is defensive capital allocation, driven by the memory of the 2010-2016 collapse, and amplified by the inherent cyclical nature of the offshore energy sector. Mortten Arntzen's strategic decision to delay lending until 2022 – coinciding with...