The present downturn in the OSV market has cost the industry an astonishing € 41bln.
Surprisingly little has been done to restore the imbalance in demand and supply of vessels. With assets build to last for 25 years the problem will be solved in a slow and natural order but obviously at great cost to all involved in the supply chain.
A better solution might be to restore asset values and bring the industry back to sustainable levels. A solution which takes out 1100 vessels from the market at no cost to their owners.
But who will be picking up the bill when taking large numbers of vessels off the market?
And, of course, which 1100 vessels are we referring to? And who makes this selection?
Remko de Boer, a concerned voice in the maritime industry, expresses his concerns about the current situation in an interesting article.