Global chemical tanker market is predicted to recover in 2014, boosted by declining fleet growth.
Shrinking tonnage growth and increasing seaborne trade, etc., give positive forecast for the market.
According to Banchero Costa of Italy, current chemical tanker orderbook amounts to some 170 vessels of approximately 3.5m dwt in total, which represents about 6% of current trading fleet.
With a help of active scrapping, having posted an average 1.8m dwt per year for the last four years, fleet expansion in 2013 is expected to stand below 1%. And the fleet could mark minus growth in 2014.
Back in 2008, overall more than 6m-dwt newbuildings were delivered, creating net fleet growth of 15% against the previous year. During 2005-2007, net fleet growth recorded around 10% on average.