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Southeast Asia OSV players living off scraps

The trickle of orders announced in the first half of the year have been mostly single-vessel contracts, either for long charters at low rates or on a call-out basis with no fixed charter amount specified. Those that did not or have not been able to diversify out of the home markets in Southeast Asia are doing especially poorly

While there are risks to going into the Middle East, this seems preferable to staying put in Southeast Asia and helplessly waiting for the market to recover

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