The chemical tanker market faces oversupply due to an influx of Interline-coated tankers and new players in the market. In addition, low rates on regular medium-range (MR) tankers are prompting those ships to chase chemical cargoes, taking even more business from specialty tankers.
Methanol cargoes are one example of the current weakness. Methanol-capable tankers on the US Gulf Coast-to-Asia transit saw spot voyage rates as high as $90 per ton in January.
