It’s not been good. 3Q14 was quite low especially on higher-tier, would be the worst announce week. Big vessels off. 4Q14 might be a bit better than 3Q14 but not as good as 1H14, because of short-term contracts started. Rates outlook? Below 1x – more competition. Chevron IDD some news they are postponing their work. Chevron going to have expansion, so stop for a while, and then start again.
2015 outlook: really depends on the government, what they do. 2016 should be a good year. Right now situation BP and Inpex they finish the drillings program. Drilling phase for BP and Inpex finished mid this year and will start again next year. And then E&I just started, Chevron IDD recently just finds out a new reserve, so they are going to recalculate and come back again next year as well. This year bad, next year should be better, 2016 shud be boomed.
WINS are also looking at diesel-electric vessels in the future. It a new technology, it is cost-efficient, because of the fuel-savings would be there. 2016 a lot of projects already ongoing production activities etc. Re-chartered is okay, have some contracts should be able to get. 2H14 would be steadied. New vessels coming in, so expenses are up. Loans are okay, locked in at a higher. Not much of interest costs. It’s the utilization rate. 2H14 (3Q14) several Wins vessels were off-hire so put into maintenance cost, etc.