TAKE A BREATHER

摘要

The chemical tanker market has had what might be termed a desultory year, with recent earnings releases largely flat at best, despite the emergence of new trade flows and ncreasing demand for vegoils and fats transport. The lack of any significant upward impact on revenues for tanker operators may be due to an overall lack of confidence within the sectors they serve, as political and economic uncertainties have led to a decided note of caution. Nonetheless, the fundamentals are sound. The chemical industry continues to expand, most especially in emerging economies, and demand for both chemicals and for vegoils remains strong. Furthermore, the arrival of the 'IMO 2020' rule on sulphur oxide emissions from all ships, together with new rules on ballast water management, often encouraged owners of older tonnage to scrap their ships during the past two years, rather than invest in bringing them up to standard to meet the new rules. Allied to comparatively restricted fleet growth through newbuildings, this has brought the market back towards a more balanced position, even if the early part of 2020 has seen some contracting activity at the yards.