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Chemical product shipping rates expected to be firm, says Drewry
CHEMICAL tanker shipping freight rates are expected to remain firm over the medium term, thanks to rising production capacity in key exporting countries, reports the American Journal of Transportation.
Since 2015, according Drewry's Chemical Forecaster, the US has started to export more and import fewer liquid chemical products.
US methanol capacity surged 77 per cent in 2015 with the addition of around 3.5 million tonnes per year of new capacity.
As a result, US methanol exports are starting to change the pattern of the long-haul chemical shipping trade. The volume of US exports to Northeast Asian and Europe rose 12 per cent and 20 per cent respectively last year.
Thus, London's Drewry Maritime Research now expects eastbound transatlantic freight rates in particular to rise over the medium term.
Since 2015, according Drewry's Chemical Forecaster, the US has started to export more and import fewer liquid chemical products.
US methanol capacity surged 77 per cent in 2015 with the addition of around 3.5 million tonnes per year of new capacity.
As a result, US methanol exports are starting to change the pattern of the long-haul chemical shipping trade. The volume of US exports to Northeast Asian and Europe rose 12 per cent and 20 per cent respectively last year.
Thus, London's Drewry Maritime Research now expects eastbound transatlantic freight rates in particular to rise over the medium term.
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