Chart has short term potential, page-382

Hi CK.

I maintain interest in the sector and will return once the pricing is right re shares and all the risks are out on the table.

From analysis of competitors and MRM over time I see high correlation between competitor and MRM utlisations and day rates. If you say compare a Gulfmark Dec update to MRMs then you see virtually the exact same trends re day rates and utilisations, same with October 15 etc. guess this makes sense in a competitive industry.

The good news is that overseas competitors report more often than MRM so looking at these guys I believe gives more insight than correlating to the price of oil (given the oversupply in OSVs is till so large).

The overseas competitor picture is not good. And that creates risks for impairment for MRM and therefore to the balance sheet. The CDD share price today is an example of a company forced to reduce debt. Not a great place to be.

But I guess the good news is if we keep an eye for a turn in the business of the competitors we can make insights for MRM as well, try to spot the turn in the market.

Re the level of short activity I don't know how those guys work. I do notice the short level has gone down a bit lately.