Ageing Southeast Asian OSV fleet points to a wave of newbuilding

Southeast Asia's fleet of platform supply vessels and anchor-handling tug/supply vessels is ageing at the same time as demand is climbing, driven by higher oil prices and concerns about energy security. Owners in the region are also being drawn to contracts in the Middle East and West Africa, a combination that suggests the market could tighten significantly and that new vessels will be needed before long.

The regional fleet is substantial, with around 1,200 vessels excluding crewboats, of which anchor-handlers make up roughly 70% of active tonnage. Analysts expect utilisation to keep rising through the second half of the year and into 2027, helped by jack-up rig contracts signed earlier in the year. Yet ordering has been limited: order books for platform supply and anchor-handling vessels represent only around 5% of the fleet, even as much of the existing fleet approaches the end of its commercial life. On one estimate, 43% of the region's vessels are 15 years old or more, and assuming a 20-year working life the larger platform supply fleet could shrink by a quarter by 2030.

Analysts said age limits applied in the region would weigh heavily on competitiveness, with the smallest anchor-handlers set to reduce sharply and the number of larger units potentially halving. As the fleet ages, offshore activity has picked up after a quieter 2025, with a positive outlook for jack-ups and floaters and projects deferred last year expected to drive a further surge. Day rates have begun to move in the right direction, and brokers point toward a more pronounced market recovery in early 2027, while noting that subsea vessels leaving oil and gas work for offshore wind are tightening availability further.

Some leading owners are already responding. One Malaysian operator recently unveiled a raft of new contracts and is expanding with a mix of second-hand tonnage and newbuilds, having ordered two large anchor-handlers from Chinese yards this year while redeploying several vessels to the Middle East to capture what it called robust demand. The company said the medium-term outlook for the sector remained highly resilient, with widening supply shortages projected for anchor-handling vessels.