CHEMICAL TANKER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Starting from January 2020, the International Maritime Organization has imposed lower global sulfur cap of 0.50% m/m on bunker fuel used across all commercial shipping fleets. This is aimed at significantly reducing vessel-related air pollution and compliance is mandatory for ship operators. To adhere to the new regulations without having to install expensive exhaust cleaning systems, ship owners largely opted to switch to low-sulfur fuels from high-sulfur fuel oil or marine gas oil. However, low-sulfur fuel is more expensive compared to high-sulfur fuel and shipping companies have faced considerable increase in their operating costs which was already a tight margin business. Faced with rising costs, shipping lines are trying to pass on higher freight rates to cargo owners and are rationalizing their fleets to bigger tankers that can achieve economies of scale and efficiency. This is inducing replacement demand for new buildings and pushing older tonnage to scrapyards prematurely. Ensuing fleet renewal and capacity replacement is generating fresh demand for chemical tankers in the market. Despite short-term supply chain disruptions caused by the COVID-19 pandemic, the long-term impact of IMO 2020 regulations will continue supporting the chemical tanker sector.

• JO Tankers
• IINO KAIUN KAISHA Ltd.
• Eitzen Chemical
• Tokyo Marine Asia Pte Ltd.
• Berlian Laju Tanker
• Nordic Tankers
• Seatrans chemical tankers
• Navig8 Chemicals
• Stolt-Nielsen Ltd
• Odfjell