Chemical Tanker Market: Fall in Crude Oil Production to Hamper Market Growth Forecast 2019-2027

Global sales of the chemical tanker in 2018 surpassed 130 units and is anticipated to expand at a moderate pace over the midterm forecast period, according to a recently published study by Fact.MR.

APAC is estimated to be the leading region accounting for more than 35 percent share (Volume) in the global chemical tanker market, owing to increased seaborne trade and demand from end-use sectors.

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APAC is closely followed by Europe. In terms of value and quantity during the forecast period, the Asia Pacific chemical tanker market is also expected to grow at a significant CAGR. Within Asia Pacific, China is expected to lead the market for chemical tankers in the Asia Pacific.

The worldwide market for chemical tankers accumulates maximum earnings made by shipping chemicals and their related products.

The expanding chemical industry and chemical producers ' increasing capacity drive the demand for chemical tankers around the globe. Growing fleet size shows that there is potential for gradual growth in the coming years.

A measurable overcapacity of the chemical tanker has also been reported in the industry, as an equated effect of decelerated chemical trade between key markets, translating to limited demand for chemical tankers. Chemical tanker fleet operators over the past three quarters also reported squeezed net revenues, where companies experienced a tough time to ensure a healthy bottom line.

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Slow growth in crude oil production and the formulation and execution of petroleum bunkering regulations act as impediments in the development of the market for chemical tankers.

Chemical Tankers to Provide Lucrative Investment Opportunities

Growing chemical trade is expected to increase the market demand for chemical tankers as a result of the growth in manufacturing operations around the globe.

The disparity in regional manufacturing and demand trends has created the need for global trade in chemicals and derivatives. Thus the need for transporting chemical materials through chemical tanker becomes essential.

The growth of the chemical industry and the growing use of water transport to transport chemicals from one location to another across the globe are key drivers for the development of the market for the chemical tanker.

Organic chemicals such as acetic acid, propene, alcohols, benzene, benzyl acetate, methanol, and phenol are some of the essential chemicals shipped through chemical tankers all over the globe.

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Mergers and Acquisitions Will Be the Major Contributors in the Growth of Chemical Tanker Market

The tide has changed over the past few years and mergers and acquisitions have been favored as key strategies by stakeholders as they promote sustenance and rapid growth in the global chemical tanker market.

A combination of several trends and regulatory changes coupled with the employment of larger vessels, increasing competition and the financial crisis have forced the players in the market to resort to collaboration, mergers and acquisitions.

In February 2019, Team Chemical tankers announced the acquisition of Laurin Maritime and Anglo-Atlantis Chemical tanker for $206 million, a deal which added 34 coated IMO II/III MR Chemical tankers to its existing fleet of 33 vessels.

At the end of 2018, Eastern Pacific reportedly bought thirteen 19,000 dwt stainless steel vessels from the BW Group. These vessels will be operated by Ace Quantum, which will manage the largest fleet of stainless steel ships in this size segment in the future with a total of 33 vessels on the water.

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Meanwhile, 2019 has already seen its first consolidation deal, with Triton selling its 100% owned Nordic Chemical tanker to MOL Chemical tanker. The new combined operation will be renamed MOL Nordic Chemical Tanker A/S, and will have a fleet of 75 vessels.

More mergers, joint ventures, and buyouts are expected.

The global market for chemical tanker in the shipping industry is consolidated with regional competitors. Key players include Odfjell, Stolt-Nielsen Ltd, IINO KAIUN KAISHA Ltd and Nordic Tanks.

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This release was published on openPR.