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Platou: Collapsed fuel price benefits chemical tanker

The low fuel price is good news for chemical tankers in the spot market, which according to Platou's calculations is currently enjoying average daily profits of USD 16,000. This will benefit Odfjell and Stolt-Nielsen, in particular.

Photo: Odfjell

The falling fuel oil price comes as good news for the chemical tanker segment. According to Norwegian analyst agency Platou, the chemical tankers' earnings could increase significantly, supported by lower fuel prices, says analyst Frode Mørkedal in a report.

Right now a ton of fuel oil costs USD 480. The average price of a ton of fuel oil in the 3rd quarter has been USD 594, and Platou states that the collapse "is in our view highly beneficial for chemical tanker owners in the spot market."

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