Chemical Tanker Shipping Market Size Hit US$ 250,562.6 Mn By 2026 2

Chemical Tanker Shipping Market Size Hit US$ 250,562.6 Mn By 2026

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Acumen Research and Consulting, Recently Published Report On “Chemical Tanker Shipping Market Size, Share, Growth Opportunities, Sales and Forecast 2019 – 2026”.

LOS ANGELES, Dec. 05, 2019 (GLOBE NEWSWIRE) — The global chemical tanker shipping market is expected to grow at a CAGR of around 5.7% over the forecast period 2019 to 2026 and reach the market value of over US$ 250,562.6 Mn by 2026.

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In 2018, Asia Pacific held the maximum market share of the chemical tanker shipping market and the region is also expected to maintain its presence over the forecast period. The major economy of the region, China is expected to register a huge market share during the forecast period due to increasing organic chemicals produced in the country. In addition, Proman Stena Bulk Ltd and Guangzhou Shipyard International (GSI) have finalized an agreement in China to build two methanol tankers with 49,900 DWT vessels. The first vessel will likely to get delivered in 2022. Also, Terntank, a Swedish shipowner has inked a deal with shipbuilder AVIC Dingheng Shipbuilding a china based company. The deal is intended for the next-generation hybrid tankers. According to that the new 15,000 DWT chemical tankers will have a hybrid battery system.

Deep-Sea chemical tankers segment have registered enormous growth in the year 2018 and the segment is also projected to exhibit potential share during the forecast period. The deep-sea chemical tankers are gaining positive growth owing to their offering for a large number of chemicals segregation. In addition, the consolidation and digitalization in the deep-sea chemical tanker are likely to affect positively the chemicals tanker market with the replacement of conventional fleet in the forecast period from 2019 to 2026.

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Organic chemicals segment have exhibited maximum share in 2018 owing to the presence of its wide range of applications in food & beverages, pesticides, pharmaceuticals, water treatment, personal care, and other sector. The expanding food & beverage industry worldwide, along with the increasing demand for canned beverages is majorly supporting the organic chemicals market value. The use of organic chemicals as feedstock for the production of various chemicals and products including fibers, plastics, rubber, and pesticides is further favoring the segment growth. In addition, China is the major consumer of organic chemicals in the global market with maximum share. Moreover, In 2019, MOL Chemical Tankers has announced a strategic partnership with Den Hartogh Logistics in the Netherlands to meet with the increasing requirement for chemical storage. Through this move, the company intends to construct storage tanks of 500,000 cubic meters for liquid chemicals including inorganic, organic and base oils.

Some of the leading competitors are Stolt-Nielsen, Odfjell, Sinochem, MOL Chemical Tankers, Hansa Tankers, Iino Kaiun Kaisha, MTMM (Hong Kong) Ltd., Team Tankers, Naviera Ultranav Ltda, Bahri, WOMAR Logistics Pte Ltd, Chembulk Tankers, Ace-Quantum Chemical Tankers, Navig8, and KOYO KAIUN Co., Ltd. Chemical tanker shipping companies have announced mergers and acquisitions to expand their position in the chemical tanker shipping industry. Major players are also moving into new regions or advanced technologies.

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Some of the key observations regarding chemical tanker shipping industry include:

  • A shipping unit of Ningshen Group, Yonghua Shipping has placed an order for the construction of a chemical tanker with 11,960 DWT to AVIC Dingheng Shipbuilding.
  • GEFO Gesellschaft für Oeltransporte, a German-based organization has opted for the LNG ready 7,000 DWT tanker named Tosca. Tosca is under construction in China and likely to get completed in 2021 by APIC shipyard.
  • MOL Chemical Tankers Pte. Ltd., a subsidiary of Mitsui O.S.K. Lines, Ltd. has announced the acquisition of a 100 percent share of Nordic Tankers LuxCo S.C.A. in 2019.
  • Stolt Tankers B.V. and DESMI Ocean Guard A/S have signed a frame agreement in 2019. The agreement aims to install CompactClean Ballast Water Management System (BWMS) on Stolt Tankers’ existing fleet.
  • Hansa Tankers has announced its second acquisition of the year 2019 in June. The company has added a 2009-built 33,600 DWT chemical tanker Bow Tone in its product portfolio.
  • Jaldhi Overseas the Indian company has added 2006-built, 19,800 DWT chemical tanker Bow Fuji from Eastern Hero Shipping in US$ 12 million.
  • Singapore based Wilmar has bought small chemical tankers pair of 9,000 DWT from Odfjell, a Bergen-based company.

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