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Weak product tanker market pressures rates at Stolt Tankers

The start to 2021 proved challenging for Stolt-Nielsen's chemical tanker carrier, Stolt Tankers. According to chief executive, rates and earnings were strained due to product tanker carriers bidding on chemical tanker cargoes. Most recently, the Suez Canal blockage has caused delays.

Photo: PR / Stolt Tankers

A weak product tanker market put pressure on the rates achieved at Stolt-Nielsen's chemical tanker carrier, Stolt Tankers.

In recent months, the chemical tanker market has been characterized by so-called swing tonnage from product tanker carriers, which have bid on the transport of chemical tanker cargoes, CEO Niels G. Stolt-Nielsen sums up in the carrier's unaudited first-quarter report published Thursday.

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