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Gagasan Carriers Sdn Bhd,
tankers and offshore support vessels (OSVs)
owner and operator, expects the chemical tanker
market to regain its lustre early next year due
to a projected increase in cargo volume.
Managing director Captain Johari Mohd Noh told
StarBiz that although chemical tanker rates were
less volatile than other conventional tankers
the recent deliveries of new vessels had
contributed to the slip of time charter rates.
Time charter rates for chemical tankers have
declined by less than 10% over the past six
months.
“We expect the market to turn favourable from
early next year once these new vessels are
absorbed in the system.
“Also, the expected increase in cargo volume
next year and the rush to build chemical tankers
that has seemingly stopped since early this year
will push the rates up,” he said.
He added that the US credit crunch would further
refrain new orders for ships.
On the expected tanker rates further escalating
towards 2010 in view of the International
Maritime Organisation’s double-hulled tankers
regulation for all tankers, Johari said it was
unlikely before 2010 and the rates would only
soar after all single hull vessels were written
off. |
