The chart above is from the Olympic restructuring presentation given to the market this week. Of all the data points I have seen recently this one summed up the current market to me more than anything. Olympic are a great operator, with great assets and backup infrastructure, and even then the cupboard is bare. There is nothing more to say really. Recovery looks a long way off and the optimists who talk of a boom in IRM projects this year look deluded.
Have a look at the fleet quality underpinning this lack of work: