Hafnia Group announced the agreement with Chemical Tankers, Inc. to acquire 21 modern and fuel-efficient IMO II chemical tankers. The CTI fleet is made up entirely of high-spec ECO design vessels built at major shipyards.
Odfjell announced the addition of a newbuilt stainless steel chemical tanker, Bow Cheetah into their fleet. The fleet, which is equipped with steam/hot water heating and thermal oil, is ideal for transporting a wide range of sensitive commodities.
Author Credits: Smruti Ranjan, Rajrani Baghel
Report ID: 4923
Published Date: May 02, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing demand for chemicals, expanding chemical industry, and growing demand for oils are the major factors driving the market growth.
The market size of chemical tankers is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2035.
Uncertainty in the chemical industry, advance vessels are expensive, and operation cost is high are estimated to be the growth hindering factors for the market expansion.
The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
The major players in the market are Bahri, Stolt-Nielsen Limited, Odfjell, Navig8 Limited, MOL CHEMICAL TANKERS PTE. LTD, Wilmar International Ltd, MISC Berhad, Team Tankers International Ltd, Group, Global Chemical Group, and Hafnia Group
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by fleet type, product type, fleet material, and by region.
The vegetable oils & fats segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.