Getting Your Feet Wet

Build anything for the open water and it rusts, corrodes and (without regular service and maintenance,) quickly falls into disrepair. It’s a simple fact. And it’s something that becomes all the more apparent when there are moving parts involved.

For centuries, it has been this often underestimated oceanic weathering that has kept shipbuilders, brokers and financiers in business. From the establishment of the spice trade, right through to the exploitation of marine energy resources that we see today.

Only now there’s a difference. Now, it is not just the boats that need to be kept in good order. It’s the complex mechanical structures that we’re building out at sea that need regular care and attention too.

Perhaps then, that’s why there’s such interest and excitement amongst European mariners, as the opportunity within offshore wind begins to really gain ground.

For the entrepreneurial skipper - armed with the right equipment and the right crew - there’s a real opportunity to secure and win regular business.

Developers, utilities and major manufacturers have already made it clear that they need regular unimpeded access to the turbines. Something that is critical if they are to provide the right level of mechanical care and protection that will ultimately reduce their financial exposure and de-risk their investment.

And here’s the thing. The best skippers and their crews already know it. Combine this with competitive day rates and practically limitless project work and the business case quickly stacks up. And as the numbers build, so do the boats.

A fact that really hit home on Monday, when Iceni Marine Services brought their latest 18 metre South Boat into the City of London.

Moored in St Katherine’s Dock, nestled amongst the super yachts of the city elite, the difference couldn’t have been more striking – despite the similar purchase price.

Only that’s where the similarities end. Since for the canny investor – wind farm transfer vessels are already demonstrating some promising returns. Which, as many will testify to, is more than can be said for the average gin palace.

There’s a new and dynamic secondary market developing around the North Sea turbines - offering good returns and a competitive price point. As ever, there are always risks but if you don the wellingtons and see the stuff for yourself, then you can reduce the chance of getting your feet wet.