EMAS: The global offshore market is still full of challenges
Singapore offshore shipowner EMAS Offshore said that despite the recent rebound in oil prices and the continued increase in market activity in West Africa, the global offshore market business environment remains challenging.
Â Â Â Â Â EMAS CEO Adarash Kumar said that the recent general increase in oil prices has stabilized market sentiment to a certain extent, and the offshore ship inquiry requested by EMAS has also increased slightly. Even so, the market recovery will not happen immediately, and EMAS is keenly aware that the market is still weak, and EMAS will continue to work hard to improve efficiency and fleet utilization, and strictly control costs.
Â Â Â Â Â EMAS pointed out that the West African market is still full of hope. In the future, EMAS will further expand its business in West Africa and other regions and enrich its income sources in Southeast Asia.
Â Â Â Â Â Due to the long-term downturn in the offshore market, EMAS recorded a loss of US$23.15 million in the previous quarter (as of May 31, 2016), compared with US$5.18 million in the same period last year. In addition, revenues fell by 41% from the same period last year to $35.08 million, mainly due to weak market demand and oversupply of offshore support vessels (OSVs).