The commissioning service operation vessel market remained tight over the past three months, with multiple spot fixtures concluded above €60,000 per day as offshore wind project delays extended vessel requirements.

Nine newbuilds have entered the market since early May, but the additional capacity was absorbed without difficulty. Four arrived with long-term commitments already secured, while the other five obtained contracts upon delivery. Five of the recently delivered vessels had themselves been delayed by more than six months, limiting the expected increase in available tonnage.

Owners are pursuing different commercial strategies ahead of the northern hemisphere winter. Some are accepting lower rates to secure utilisation and forward coverage, while operators with limited backlogs are seeking premium pricing for the small number of vessels still available. Although the latter strategy delivered higher summer rates, it has historically been associated with weaker winter utilisation.

Seasonal contracting has been more prominent in 2026 than in 2025. The summer market was tightened by postponed newbuild deliveries and construction delays at major offshore wind developments. Dogger Bank was among the projects affected, prompting SSE to charter three additional vessels. Two began work in May and one in late July, with at least two expected to remain employed for the rest of the year.

Delays at other wind farms have also led operators to extend CSOV coverage by several months. Availability that had been expected from August has consequently shifted towards October as extensions and ad-hoc work absorb open vessels.

Poland represents a significant source of longer-term demand. Four vessels had been fixed for the Baltyk II, Baltyk III and Baltica 2 projects, chartered by Equinor and Ørsted, with deliveries expected from August onwards. Further operations and maintenance and short-term requirements are anticipated during 2026 and 2027.

Conditions are less firm in Asia-Pacific. Taiwan is showing fewer requirements and wider availability gaps, while project pipelines in Japan, Vietnam and South Korea remain uncertain because several developments have yet to reach final investment decisions. Softer regional demand could lead owners to pursue oil and gas, accommodation or European work.

Europe, by contrast, continues to benefit from limited vessel availability and project delays, which have pushed rates to new highs. Winter coverage remains limited for several owners, but extensions and short-term contracts have so far absorbed available tonnage.

Fleet supply is nevertheless set to grow rapidly. A further eight CSOVs are expected to be delivered in 2026, taking annual newbuild deliveries to a record 22 vessels. Another 20 deliveries are forecast for 2027. More than 80 vessels were ordered between 2021 and 2024, but contracting slowed to eight newbuilds in 2025, five supported by long-term charters. No new CSOV orders had been placed in 2026 at the time of the report.

The longer-term demand outlook is becoming more selective as governments revise offshore wind ambitions and developers reconsider projects. The UK continues to target 50 GW by 2030, although around 30 GW is assessed as more realistic. South Korea has reduced its target from 14.3 GW to 10.5 GW, while Vietnam may move its 17 GW objective from 2030 to 2035 and the Netherlands has delayed its 21 GW target to 2032.

Near-term fundamentals remain constructive, supported by European demand, project extensions and delayed deliveries. However, accelerating fleet growth through 2027 and increasingly concentrated project visibility could produce a more selective market.