The Asia-Pacific workboat market continues to evolve rapidly as offshore energy projects, port infrastructure development, and environmental regulations reshape demand patterns across the region.
Key Trends
The offshore wind sector in Taiwan, South Korea, and Vietnam is driving unprecedented demand for Crew Transfer Vessels (CTVs) and Service Operation Vessels (SOVs). Our data shows CTV enquiries on WBT increased 340% year-over-year in 2025.
Meanwhile, traditional oil & gas support vessel markets in Singapore and Malaysia are stabilising after years of oversupply, with utilisation rates climbing back above 70% for the first time since 2019.
Pricing Environment
Second-hand workboat prices have firmed considerably. A 2018-built ASD tug with 50+ tonne bollard pull now commands SGD 3.0–3.5M in the Singapore market, up from SGD 2.2–2.5M just 18 months ago.
New-build slots at major APAC yards (Keppel, Vard Vung Tau, Damen Song Cam) are booked through Q3 2027, further supporting second-hand values.
Regulatory Watch
IMO's Carbon Intensity Indicator (CII) regulations are beginning to impact older tonnage. Vessels with poor CII ratings face operational restrictions that reduce their effective trading capability, creating a two-tier market: compliant modern tonnage at premium prices, and older non-compliant vessels trading at steep discounts.
WBT's Role
As the region's dedicated B2B workboat marketplace, WBT is uniquely positioned to connect buyers and sellers navigating this complex market. Our verified listing programme and managed transaction service provide the trust infrastructure that institutional buyers require.