Global fleet of chemical tankers expected to shrink: analyst

25 September 2013 05:01  [Source: ICIS news]

SHANGHAI (ICIS)--The global fleet of chemical tankers is expected to shrink from the end of 2014 with fewer new ships built and more vessels scrapped, Rudiger Stalmans, general manager of SPI Marine Asia said on Wednesday.

“Vessels [in the global market] are leaving the market [because of scrapping] but new ships are not built,” Stalmans said in a speech during the 6th Chemical Tanker Shipping and Storage Conference in Shanghai.

“Scrapping is also [more common] for vessels [with] age-restriction,” Stalmans added.

Building of new chemical tankers peaked in 2008 while growth of new tankers continues to slow in 2013, SPI Marine data showed.

Stalmans said freight rates are expected to pick up in the coming months because of the expected reduction in overall vessel supply.

The 6th Chemical Tanker Shipping and Storage Conference ends on 26 September.

By: Muhamad Fadhil
+65 6780 4356

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