Shipping firm Mermaid Maritime Public Company Limited said its vessel utilisation dropped to 36% in the first quarter (Q1) of 2017, compared to 43% of the same period last year. The drop was mainly a result of three vessels stacked (Mermaid Challenger, Mermaid Siam and SS Barakuda). While the 4 major vessels (Mermaid Commander, Mermaid Asiana, Mermaid Endurer, and Mermaid Sapphire) had average utilisation of 48% higher than the last year of 38%. Mermaid said it was more defensive and less affected by lower oil price. Local joint venture in cabotage-protected markets served NOCs in those countries, Qatar, Saudi Arabia and Indonesia.
