Tight Supply Drives Surge in High-End AHTS Dayrates

Why It Matters

Rising dayrates signal a tightening market that could reshape charter economics and accelerate retirements of aging vessels, affecting cost structures for offshore oil, gas and wind operators.

Key Takeaways

• Global AHTS fleet ~1,700 vessels; only ~150 high‑spec units.
• Over 60% of high‑end AHTS are 15+ years old, no new builds.
• North Sea spot rates hit £100k ($125k) in Jan 2026, now $94k.
• Brazil and Australia absorb North Sea tonnage via long‑term contracts.
• Utilization in North Sea fell to 53% Q1 2025 despite higher rates.

Pulse Analysis

The offshore supply‑vessel market is entering a pronounced scarcity phase, especially for high‑spec anchor handling tug supply (AHTS) ships.

Of the roughly 1,700 AHTS vessels worldwide, fewer than 150 exceed 200 t bollard pull and are classified as high‑end, and more than 60 % of these are older than 15 years. No comparable new‑build projects sit in the orderbook, and recent tenders, such as a Brazilian WROV contract, are isolated exceptions.

This aging inventory, combined with a cold‑stacked surplus of about 250 vessels, has sharply reduced the available pool for the North Sea, where spot dayrates have jumped to around £100,000 (≈ $125,000) in early 2026 before settling near £75,000 (≈ $94,000).