Recent increases in chemical demand have funded expansion in both trade and shipping demand for the chemical carrier sector. The product tanker sector has been enjoying rising freight rates for several years, while demand growth has mostly concentrated on Asia, particularly China, with limited growth in the USA, Europe and Japan. The chemical carrier and product tanker sectors are each facing a transitional period. Employment demand is forecast to continue to rise. However, new strict regulations will mean great changes must occur within each fleet in the forward period. The product fleet has two new regulations, from the IMO (Regulation 13G and 13H). The chemical fleet will have a revised MARPOL Annex II from 2007. The current large newbuilding orderbooks will have massive impacts on both fleets in the next 5 years through extensive structural and volume fleet changes. Chemical Carriers & Product Tankers Demand/Supply & Profitability to 2015 analyses the revised regulations and their impact on the chemical and product fleets throughout the period to 2015, through detailed analysis of recent/current developments and extensive future forecasts.
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