Drewry: Strong product tanker pulls ships from chemical segment

Chemical shipowners have yet another rough year ahead, but a strengthened product tanker market is drawing vessels from the chemical segment over to the product market. This provides a degree of improvement, according to an analysis from Drewry.

Photo: Stolt-Nielsen

An oversupply of vessels has for many years curbed the chemical market, and there are no signs of relief this year, as the fleet continues to grow with new ships. However, Drewry has a positive message for shipowners such as Stolt-Nielsen and Odfjell. The increasing strength for product tanker is attracting more vessels from the chemical segment in the hopes of joining in on the boom, notes Drewry in a new analysis.

The growth in chemical volumes was stagnant in 2014 and a growth of less than 2.5 percent per year is expected in the segment for the years to come. In 2015, the fleet will grow more than nine percent and reach 101 million dwt tons at the end of the year, writes Drewry. But this could change, says Hu Qing, Lead Analyst for Chemical Shipping.

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