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Product tanker rates will soon face pressure

Rates in the currently lucrative product tanker market will soon come under pressure, says analyst firm Drewry in a new report. This development can be attributed mainly to 'swing' tankers - tonnage carrying both chemicals and product tanker cargo.

The product tanker market is currently a booming success story for a range of companies who are pulling solid earnings from the segment. However the progress is set for a pause, notes Drewry in a new analysis.

This is because of the increasing number of 'swing' tankers – ships which can transport both products and chemicals – now tend to transport refined products in favor of chemical cargo. This means that the fleet of product tankers has been expanded by 11.4 million dwt in the 2012-2014 period, of which 8.2 million dwt is due to the owners setting the ships to sail with chemical cargo rather than refined products.

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