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Large chemical tankers will be squeezed in 2018

Several Asian nations are becoming more self-sufficient in chemical products, and paired with excess tonnage, this will weaken the market for large vessels on the long-haul routes this year, assesses Drewry.

CEO defends Nordic Tankers' divestment in weak market

Just as the chemical tanker market was strained in 2017, it is difficult to say whether this development will turn around this year, Nordic Tankers CEO Per Sylvester Jensen tells ShippingWatch. But he maintains that the carrier got a good price for Crystal Nordic.

Team Tankers' deficit grew in Q3

Chemical tanker carrier Team Tankers saw its loss grow big-time in the third quarter this year. "Market conditions in the chemical tanker sector remain challenging," says CEO Hans Feringa.

Team Tankers will spend upwards of USD 400 million on acquisitions

Chemical tanker carrier Team Tankers projects consolidation in the chemical market. After the carrier has cut one fourth of its fleet, it is now prepared to expand through acquisitions, and two markets are especially interesting to CEO Hans Feringa, as he tells ShippingWatch.

Navig8 Chemical Tankers booked deficit

Navig8 Chemical Tankers suffered a deficit of USD 3.6 million, according to the interim report for the second quarter. The market for chemical products has stabilized, albeit at lower levels, says CEO.

Team Tankers in the red on lower volumes in Q1

Lower volumes in chemical tanker pulled Team Tankers into the red in the first quarter. But the operating profit was a positive surprise, notes Fearnley in an update. The firm cites high coverage in the second quarter and reiterates 'buy' for the share.

Team Tankers hit by lower rates in 2016

Chemical tanker carrier Team Tankers went from a profit of close to half a billion dollars in 2015 to a deficit in 2016, and the carrier thus tumbled along with the generally deteriorated tanker market. "We are not pleased with the results," says CEO Hans Feringa.

Odfjell takes over two chemical tanker vessels

Tanker carrier Odfjell has signed charter contracts for two new chemical tanker vessels as part of its planned fleet renewal. The ships will be built in Japan and are set for delivery in 2018 and 2019.

Odfjell delivers significantly improved full-year result

Odfjell achieved a significantly better net result in 2016, due to factors such as group efficiencies, according to the carrier's annual report. Part of the development is attributed to the sale of the Oman terminal. CEO Kristian Mørch launches a new strategy.

Drewry: Chemical tankers facing two tough years

There are too many ships on all the major trade routes and, as such, the chemical tanker carriers look set to face two years marred by weak rates. The bigger vessels will be hit particularly hard, projects Drewry in a new analysis.

Stolt-Nielsen: Growing fleet strains chemical tanker segment

The operating profit took a dive at Stolt-Nielsen's tanker division in the fourth quarter 2016, and prospects for the chemical tanker market in 2017 are less than positive, as the global fleet looks set to grow significantly, according to the carrier's annual report.

Senior VP leaves Odfjell after 17 years

Senior Vice President Helge Olsen is stepping down as Odfjell's head of ship management after serving 17 years at the Norwegian carrier. He will be replaced internally until a permanent solution is found, the carrier writes in a statement.

Odfjell: We will actively participate in consolidation

After CEO Kristian Mørch has completed his first large-scale cost reduction initiative at Odfjell, he sets the stage for growth and a new fleet expansion – as well as a broader consolidation in which the carrier will play a proactive part, he tells ShippingWatch.

Odfjell delivers USD 60 million operating profit

The chemical tanker market "continues to be challenging, but we continue to see improvements in our competitiveness, which softens the impact on the Odfjell results," says Odfjell CEO Kristian Mørch in the interim report Thursday. The carrier cancels orders for gas vessels.

Navig8 Chemical takes dive in Q3

Less cargo and growing competition dragged down the bottom line for Navig8 Chemical Tankers in the third quarter of the year, while new vessels boosted revenue. The carrier is optimistic about market prospects beyond 2016.

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