Company sees lower charter rates on over supply of vessels

KUCHING: Sealink International Bhd expects the charter rates for new offshore supply vessel (OSV) contracts to be soft in view of the current excess supply of such vessels.

Anticipating the award of some new vessel contracts later this year, Sealink chief executive officer-cum-deputy managing director Yong Kiam Sam said in line with decreased charter rates presently experienced, all of the oil and gas service companies, including Sealink, would have to reduce their operational costs.