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The conference at Seatrade Offshore Marine and Workboats Middle East opened with the most anticipated conversation of the year - "The Case for Market Optimism".
The first quarter of 2019 saw signs of an upturn in the offshore marine market, which resulted in both improved utilisation and firmer rates for offshore vessel owners. Optimism is on the horizon – but there are questions still unanswered.
A panel of pioneering influencers took to the stage and attempt to answer the biggest questions posed to the recovery of the offshore marine market. Differing views were apparent as each speaker presented their opinion on sustained recovery and considered the structural changes which will inevitably follow a long-lasting downturn.
The price of oil is one of the most scrutinised trends in global economics throughout the 21st century. Between 1999 and 2008, demand from emerging economies and production cuts saw crude oil prices rise by over 500% - truly an oasis for businesses involved in the offshore marine industry.
Yet fast forward ten years and it’s a very different story.
Following a tempestuous crash that sentenced the industry to the dark depths of a four-year downturn, the offshore marine market has been through nothing short of a maelstrom. A global recession saw demand deteriorate and prices plummet; causing offshore marine activity to grind to a near halt. Conceivably the worst downturn since the 1980s, only now is recovery upon the horizon.