Time charter rates for chemical tankers have doubled after charterers baulked at paying eye-watering contract of affreightment (COA) rises.
Adrian Brown, head of chemical research at broker Simpson Spence Young (SSY), said the market began to boom during an “unforgettable summer” in 2022.
Earnings continued their meteoric rise on most trade lanes globally, building on the gains recorded after the start of the Ukraine war.
