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Thursday, October 18, 2018

MARKET INFORMATION

Chemical tanker market balance to tighten further this year

According to the Drewry Chemical Carrier Quarterly 4th Quarter 2000, chemical carrier demand is set to continue to grow in 2001 whereas the supply growth is beginning to slow. Chemical seaborne trade has shown a consistent growth pattern over the last few years, as the trade in chemicals is more closely related to world economic output and industrial production than oil is.

Asian oil demand to grow slowly in 2001

According to Petroleum Intelligence Weekly (PIW) 5 February 2001, most forecasters expect Asian oil demand to increase by 0.5 mbd or 2.5% this year roughly in line with the 2000 growth. However, this growth is well below the 4-5% annual growth experienced before the 1997 crisis in the Asian economies. High oil prices slowed Asian oil demand in 2000, this year the spoiler is the US economy. China is forecast to account for about two-thirds of the region's oil demand growth this year. Chinese oil demand grew 0.5 mbd in 2000 and is forecast to increase by 0.3 mbd in 2001.

VLCC orderbook now 30 million dwt

The orderbook for VLCCs reached 98 ships or 30 million dwt at the end of January 2001. The total tanker orderbook is 449 ships or 56 million dwt, the highest level since the early 1970s.

Please click here for the latest figures and the development in the period 1994 to 2001