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Europe Intelligence Wire

| April 01, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

Market swings from slack to very tight

LONG- term charters and busy cargo activity has tightened offshore support markets in the North Sea, writes Martyn Wingrove .

Dayrates for support vessels on the spot market have doubled over a week as offshore work begins to pick up after the winter's lows.

'The market has gone from slack to very tight. There are a lot of rig moves and the cargo market is busy,' said an Aberdeen-based broker.

Anchor handling dayrates have risen to around GBP17,000 ($26,850) while platform supply vessels are getting between GBP7,000 and GBP10,000, said brokers.

Several vessels have secured long-term charters with oil companies and service contractors.

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