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Thursday, December 14, 2017

Inge Steensland Chemindex shows chemical/product tanker owners building for flexibility

The Inge Steensland Chemindex lists 2,572 chemical and product tankers with IMO type plus 1036 newbuilding orders. The largest core chemical owners are Odfjell, Stolt-Nielsen, Eitzen Chemical, Mitsui OSK, and Jo Tankers, which together have about a 30% market share. Some 90 owners have today 291 chemical tankers on order, with the remaining 745 vessels being chem/oil tankers or product tankers with IMO type.

 

There are more than 60 yards involved in the building of IMO classed tonnage with South Korea’s SLS Shipbuilding having the biggest orderbook by dwt (14 tankers 608,000 dwt). The largest orderbook by number of vessels is held by Japan’s Kitanihon (19 tankers 448,100 dwt) and South Korea’s INP Heavy Industries (19 tankers 232,036 dwt).

 

Some 25% of the chemical tankers are IMO Type 2, 58% IMO Types 2,3, and  7% IMO Types 1,2,3.

 

Current tanker fleet with IMO Type: 

dwt segment

IMO 2

IMO 3

IMO 1, 2

IMO 1, 2, 3

IMO 2, 3

Unknown

Grand Total

10,000-16,999

105

66

2

10

253

 

436

17,000-29,999

66

74

8

20

165

1

334

3,000-9,999

247

284

1

10

442

7

991

30,000 dwt +

118

469

 

42

174

8

811

Total

536

893

11

82

1034

16

2572

% IMO type/total

21%

35%

0%

3%

40%

1%

100%

 

Orderbook with IMO type: 

dwt segment

IMO 2

IMO 3

IMO 1, 2

IMO 1, 2, 3

IMO 2, 3

Unknown

Grand Total

10,000-16,999

106

39

 

 

89

42

276

17,000-29,999

85

5

1

 

45

2

138

3,000-9,999

94

28

 

 

57

59

238

30,000 dwt +

50

142

 

18

101

73

384

Total

335

214

1

18

292

176

1036

% IMO type/total

32%

21%

0%

2%

28%

17%

100%

% orders/fleet

63%

24%

9%

22%

28%

1100%

40%

 

 

Although the orderbook for IMO classed tonnage is large compared to historical levels, the amended MARPOL Annex II regulations have spurred many tanker owners into building with the flexibility to trade chemicals as well as clean and dirty petroleum products. Many of these vessels, however, may never trade in chemicals at all or may at the most swing between transporting petroleum products and easy chemicals. Thus, analysing the IMO classed fleet based upon current and expected trade gives us a better indication of the orderbook in the ‘chemical fleet’.

 

According to Inge Steensland AS, the core chemical fleet (those primarily trading chemicals) currently stands at 1087 vessels or 17.2 million dwt while the orderbook as a percentage of dwt is at a respectable 31%. The swing fleet, however, is seeing much stronger growth ahead and the strong orderbook seems to reflect the desire of owners to have flexibility with regard to parcelling, positioning and cargoes carried, with special emphasis placed on the newly reclassified edible/soft oils. This phenomenon is also reflected in the orderbook for product tankers with IMO class, but here the orderbook seems to reflect the expected phase-out of single hull tankers according to MARPOL Annex I.

 

Tankers with IMO Type: 3 - 60,000 dwt: 

Type

Current fleet

Orderbook

Orderbook/current fleet

Type

Number

dwt

Number

dwt

% number

% dwt

Core chem

1087

17.2 mill dwt

250

5.3 mill dwt

23%

31%

Swing

663

10.0 mill dwt

377

6.5 mill dwt

57%

65%

Product

741

22.9 mill dwt

328

10.7 milldwt

44%

47%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contact: Erik Ranheim