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3. Expansions, Joint Ventures, Acquisitions, and Agreements were the Key Strategies Adopted by the Major Players to Achieve Growth in the Chemical Tankers Market Between 2014 and 2017

The chemical tankers market is projected to reach USD 33.11 Billion by 2022, at a CAGR of 4.5% between 2017 and 2022. Note: Chemical tankers market includes revenues earned through shipping of chemicals and related products. The construction process of chemical tankers is governed by the safety standards established by the International Bulk Chemical Code (IBC Code). According to the IBC Code, there are three types of chemical tankers, which include IMO 1, IMO 2, and IMO 3. The main products transported by chemical tankers are organic chemicals, inorganic chemicals, and vegetable oils & fats.

Expansions, joint ventures, acquisitions, and agreements were the key strategies adopted by the major players to achieve growth in the chemical tankers market between 2014 and 2017. The major players operating in the chemical tankers market include Bahri (Saudi Arabia), Stolt-Nielsen (UK), Odfjell (Norway), Navig8 (UK), MOL Chemical Tankers (Singapore), Nordic Tankers (Denmark), Wilmar International (Singapore), MISC Berhad (Malaysia), Team Tankers (Bermuda), and Iino Kaiun Kaisha (Japan).

Odfjell (Norway) has adopted agreements as a major strategy to increase its share in the chemical tankers market and cater the increasing demand for chemical tankers to ship various types of chemical products. In November 2017, Odfjell (Norway) signed an agreement with Sinochem Shipping (Singapore). According to this agreement, Odfjell (Norway) is expected to take four new orders from Sinochem Shipping (Singapore) for manufacturing 840,900 Dead Weight Tonnage (DWT) chemical tankers. In March 2017, Odfjell (Norway) received a contract from Hudong-Zhonghua Shipbuilding (China) for the manufacturing of two chemical tankers. These tankers are expected to have 40 stainless steel cargo tanks with a capacity of 38,000 DWT. In July 2014, Odfjell (Norway) signed a contract with Hyundai Mipo Dockyard (South Korea) to construct four new 46,000 DWT chemical tankers with an option for four additional vessels.

Stolt-Nielsen (UK) has adopted acquisitions as a major growth strategy to strengthen its position in chemical tankers market. In July 2016, Stolt-Nielsen (UK) acquired the chemical tanker operations of Jo Tankers (Norway). This development involved acquisition of 13 chemical tankers by Stolt-Nielsen (UK) and 50% share in a joint venture having eight new tanker buildings. This acquisition enabled Stolt-Nielsen (UK) to increase the number of chemical tankers owned by it.

Related Reports:

Chemical Tankers Market by Product Type (Organic Chemicals, Inorganic Chemicals, Vegetable Oils & Fats), Fleet Type (IMO 1, IMO 2, IMO 3), Fleet Material (Stainless Steel, Coated), Fleet Size, and Region - Global Forecast to 2022

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