Tug boat values surge as supply vessels slip in split offshore market

Anchor handling tug supply units gained 9% to 17% tonnage in the first half of the year.

Offshore support vessel values diverged sharply in the first half of 2026 (H1 2026), with anchor handling tug supply vessel (AHTS) rates firming across all sizes whilst older platform supply vessels softened, as total new orders across the sector fell 74% year-on-year to just 10 vessels against 39 a year earlier.

According to a Veson Nautical report, the Gulf conflict escalation saw national oil majors suspend or declare force majeure on production, dampening regional offshore demand.

Brent crude traded above $100 for much of the period before falling to roughly $80 by mid-June following reports of a US-Iran peace agreement.

Near-new PSV tonnage firmed 8% to 13%, whilst vessels aged 10 to 20 years softened by as much as 9%.

Meanwhile, AHTS including Super, Very Large and Large units gained 9% to 17%, whilst Medium and Small AHTS firmed 25% to 67%.

No AHTS above 12,000 Brake Horsepower is currently on order anywhere globally. The combined orderbook-to-fleet ratio sits at roughly 4%, with the average PSV and AHTS now over 20 years old.

Further, secondhand transactions declined materially as AHTS sales fell 64% to 25, PSV sales dropped 35% to 35, and Fast Support Vessel sales fell 71% to six.

Notable deals included DOF Subsea's $130m en bloc purchase of two Super Large AHTS units (Aurora Saltfjord and Aurora Sandefjord, both 2011-built), and a $30m sale of the 2019-built PSV Energy Empress.

On demolition, 10 vessels were scrapped, up from six a year earlier, still historically low, with departing units mostly built in the 1970s and 1980s.

With supply structurally constrained and deepwater capital expenditure expanding across Southeast Asia and South America, Veson expects further consolidation and a positive second half.