"The problem is that there is no discipline in our business in terms of agreement about taking older vessels out of the market," M3 Marine Group founder and chief executive Mike Meade said.
Read the article on the panel discussion here: http://www.osjonline.com/news/view,scrap-old-osvs-to-rescue-the-market_42269.htm
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Asia Pacific Maritime Offshore Analysis Conference (16-18 March 2016)
Mike was one of the panellist for the Asia Pacific Maritime Offshore Analysis Conference (16-18 March 2016).
"We have bigger problems than the oil price. The market imbalance was there before the oil price drop"
"About 1,200-1,300 OSVs inactive out of a fleet of about 5,000 and another 500 still on order, without major scrapping it will take at least 10 years before the market regains balance"