WORLD’S TOP CHEMICAL TANKER OPERATORS RANKINGS 2019 · WORLD’S TOP 5 CHEMICAL TANKER OPERATORS...

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WORLD’S TOP

CHEMICAL TANKER OPERATORS RANKINGS 2019

FEBRUARY 2019

• Copyright © 2019 ShipsFocus Intelligence

CONTENTS

01 World’s Top 5 Chemical Tanker Operators 2019………………………………………..2

02 A Year of Consolidation…………………..……………………………………………………………..3

03 The World’s Top 30 List………………………………………………………………………………….4

04 Norway Reigns among Top Countries…………………………………………………..……..5

05 Top 30 versus Rest of the World’s…………………………………………………………..……6

06 World’s Top Parcel1Tanker Operators………………………………………..……………....8

07 Cargo1Owner Controlled Fleet…………………………..…….………………………………....11

• Copyright © 2019 ShipsFocus Intelligence 2

WORLD’S TOP 5 CHEMICAL TANKER

OPERATORS RANKINGS 2019

What a difference a year made for the world’s top 5 chemical tanker operators:

While the two chemical tanker majors Stolt and Odfjell are well-secured in their pre-eminent

positions, MOL Chemical Tankers solidified its number 3 in the Parcel-Tanker Ranking*(see

section 6) and moved from number 5 into 3rd position in the Chemical-Tanker Ranking with

acquisition of Nordic. This pushed it closer to Stolt and Odfjell, and left farther behind 4th

contender Navig8, which has been losing a good number of ships. In the meantime, Team

Tankers with acquisition of Laurin and Anglo-Atlantic has catapulted to the number 5 position.

This sets the tone for things in the coming months preceding Sulphur2020 when operators

face inevitably higher cost and complexity of managing ship fuels.

TABLE TABLE TABLE TABLE 1111: : : : TOP 5 CHEMICAL TANKER OPERATORS RANKINGS 2019

Operator Rank # Ships DWT Rank # Ships DWT

� Stolt 1 108 2,687,019 1 111 2,785,613 � �4%

� Odfjell 2 82 2,600,166 2 85 2,512,570 � 3%

�� MOL Nordic Tankers * 3 83 2,033,476 5 / 16 58 / 26 1,492,369 / 418,422 + 2 / + 13 6%

� Navig8 Chemicals 4 52 1,722,988 3 74 2,338,215 � 1 �26%

�� Team Tankers 5 47 1,165,683 14 31 518,095 + 9 125%

DWT

Change

Rank

Change

2019 2018

Note: The ranking is measured by total fleet DWT, counting only ships that are known to

regularly carry IMO-classed cargoes including chemicals, vegetable oils, lubricating oils and Urea

Ammonium Nitrate (UAN) cargoes. Within the fleet of each identified operator, ships that are

known to mainly carry non-IMO cargoes (like petroleum products) are excluded. Records are

good as of 15th Feb 2019.


A YEAR OF CONSOLIDATION

One consolidation move is by MOL Nordic Tankers, the new tanker company set up by MOL

Chemical Tankers following its buy-over of Nordic Tankers. This has moved MOL Chemical

Tankers from fifth position last year to become the third largest chemical tanker operator,

drawing closely behind the second largest operator, Odfjell in terms of total fleet tonnage or

even surpassing Odfjell’s aggregate number of chemical tankers by 1.

Team Tankers moved up 9 ranks to become the fifth largest chemical tanker. This follows a

net expansion of 16 chemical tankers or 125% boost in total tonnage of the operator’s fleet,

a large bulk of which is from the buy-over of Laurin Shipping and Anglo-Atlantic in February

2018.

Ace-Quantum’s take-over of 13 of Womar’s Stainless Steel Pool from BW has also resulted in

a 55% fleet expansion and the company moving up 5 ranks to become the 10th largest chemical

tanker operator.

Another fleet consolidation came from a merger of Golden Stena Weco (GSW) and Bay Crest

Management to form GSB Tankers. This adds 44% to its fleet size and moves it up from rank

26 to 19.

On a flip side, with departure of 24 ships from its various pools which resulted in a 26%

tonnage shrinkage, Navig8 Chemicals slipped from the third position to settle at the fourth

position, overtaken by MOL Nordic Tankers.

Adding or replacing with larger sized ships have enabled several Asia-based operators to enter

the Top 30 list. These include Tatsumi Marine, Woolim Shipping, Shanghai Xuanran and Glory

Shipmanagement.

Chemical fleet acquisitions and consolidation – is this

a sign of rationality and maturity?

There has been a series of M&A activities in chemical

fleet and their operatorships since our 2018 report just

12 months ago. These impact the rankings particularly in

the top operators. Many players believe such

consolidation bodes well for the chemical shipping

market as a whole.


THE WORLD’S TOP 30 LIST


� Stolt 1 108 2,687,019 1 111 2,785,613 � �4%

� Odfjell 2 82 2,600,166 2 85 2,512,570 � 3%

�� MOL Nordic Tankers * 3 83 2,033,476 5 / 16 58 / 26 1,492,369 / 418,422 + 2 / + 13 6%

� Navig8 Chemicals 4 52 1,722,988 3 74 2,338,215 � 1 �26%

�� Team Tankers 5 47 1,165,683 14 31 518,095 + 9 125%

� Iino Kaiun 6 31 1,073,301 7 26 897,661 + 1 20%

� Champion Tankers 7 22 1,035,027 8 14 657,380 + 1 57%

� Sinochem 8 64 971,878 6 67 951,680 � 2 2%

� MTMM 9 28 778,961 9 23 650,031 � 20%

� Ace�Quantum 10 34 672,307 15 22 433,563 + 5 55%

� Allied/FCC 11 31 657,901 10 28 599,281 � 1 10%

� Hansa Tankers 12 29 641,032 13 25 536,359 + 1 20%

� Chembulk Tankers 13 24 574,933 12 24 550,572 � 1 4%

� Womar 14 28 497,952 11 33 591,738 � 3 �16%

� Ultratank 15 19 401,193 18 18 393,848 + 3 2%

� Formosa 16 9 400,983 19 8 355,583 + 3 13%

� Aurora Tankers 17 11 397,080 17 12 416,924 � �5%

�� Bryggen � Network Chartering 18 7 298,835 25 5 208,389 + 7 43%

�� GSB Tankers 19 17 284,045 26 / 48 12 / 7 197,308 / 108,702 + 6 / + 28 �7%

� Dongguan Fenghai Ocean 20 24 271,413 20 24 271,413 � 0%

�� Tatsumi 21 16 254,234 33 12 160,986 + 12 58%

� Tune Chemical 22 19 241,460 21 20 254,798 � 1 �5%

� Essberger Tankers 23 37 236,671 22 38 241,182 � 1 �2%

� Glory Ship Management 24 9 213,037 28 8 182,673 + 4 17%

�� Shanghai Xuanrun Shipping 25 10 199,508 46 8 109,571 + 21 82%

� Koyo Kaiun 26 12 196,362 23 14 223,994 � 3 �12%

�� Woolim Shipping 27 24 194,638 36 21 147,771 + 9 32%

� Chemship 28 13 190,775 31 12 172,543 + 3 11%

� Great Horse 29 12 189,926 35 9 156,601 + 6 21%

� Uni�Chartering 30 24 185,674 27 26 195,375 � 3 �5%

DWT

Change

Rank

Change

2019 2018

TABLE TABLE TABLE TABLE 2222: : : : TOP 30 CHEMICAL TANKER OPERATORS RANKINGS 2019


NORWAY REIGNS AMONG TOP COUNTRIES

Norway maintains its reign in making and keeping chemical shipping majors. Out of the

Top 30, there are 6 operators including chemical shipping pioneers Stolt and Odfjell

plus 4 others, which collectively supply 25% of the world’s chemical fleet or 40% share

of the top 30 fleet.

Singapore strategic position has helped the small island state retain its 5 operators

which dominate 16% of world’s top 30 chemical fleet capacity. Only Glory

Shipmanagement out of these is an indigenous operator.

4 US-based operators take 11% of world’s top 30 supply.

China has grown quickly with 4 operators which aggregate 8% of top 30 supply in DWT.

CHART CHART CHART CHART 1111: : : : LOCATIONS OF TOP 30 OPERATORS 2019

5 operators (6) 16% (16%)

SINGAPORE

6 operators (7) 40% (38%)

NORWAY

4 operators (4) 11% (11%)

US

1 operator (1) 8% (12%)

UK

3 operators (3) 5% (4%)

NETHERLANDS

1 operator (1) 1% (1%)

GERMANY

1 operator (2) 1% (3%)

DENMARK

4 operators (2) 8% (6%)

CHINA

3 operators (2) 7% (6%)

JAPAN1 operators (-) 1% (-)

S.KOREA

1 operator (1) 2% (2%)TAIWAN

Produced by ShipsFocus IntelligenceProduced by ShipsFocus IntelligenceProduced by ShipsFocus IntelligenceProduced by ShipsFocus IntelligenceNote: Percentage figures are basis the total DWT share among the top 30 operators.Note: Percentage figures are basis the total DWT share among the top 30 operators.Note: Percentage figures are basis the total DWT share among the top 30 operators.Note: Percentage figures are basis the total DWT share among the top 30 operators.


TOP 30 VERSUS THE REST OF THE WORLD’S

Clearly, the winners have more sophisticated hardware; thrive on economies

of scale, proving big is good; renew and maintain a younger fleet of ships.

CHART 2CHART 2CHART 2CHART 2: : : : TOP 30 OPERATORS VS THE REST OF WORLD’S

41%

59%TOP 30

OTHERS

2,247SHIPSSHIPSSHIPSSHIPS

ININININ TERMS OF SHIP COUNT:TERMS OF SHIP COUNT:TERMS OF SHIP COUNT:TERMS OF SHIP COUNT:

OUT OFOUT OFOUT OFOUT OF

64%36%

TOP 30

OTHERS 33.5MIL DWTMIL DWTMIL DWTMIL DWT

ININININ TERMS OF TOTAL DWT:TERMS OF TOTAL DWT:TERMS OF TOTAL DWT:TERMS OF TOTAL DWT:


6%

94%

TOP 30

OTHERS

509OPERATORSOPERATORSOPERATORSOPERATORS

ININININ TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:


0 5 10 15 20

TOP 30

19OTHERS

11

ALL

14

ININININ TERMS OF AVG. # SEGREGATIONS:TERMS OF AVG. # SEGREGATIONS:TERMS OF AVG. # SEGREGATIONS:TERMS OF AVG. # SEGREGATIONS:

# SEGREGATIONS

0 5,000 10,000 15,000 20,000 25,000

TOP 30

22,968 DWT

OTHERS

9,247 DWT

ALL

14,901 DWT

ININININ TERMS OF AVG. SHIP SIZE:TERMS OF AVG. SHIP SIZE:TERMS OF AVG. SHIP SIZE:TERMS OF AVG. SHIP SIZE:

DWT

9 10 11 12 13

TOP 30

10.3 YEARS

OTHERS

12.6 YEARS

ALL

11.7 YEARS

ININININ TERMS OF AVG. AGE:TERMS OF AVG. AGE:TERMS OF AVG. AGE:TERMS OF AVG. AGE:

YEARS


CHART CHART CHART CHART 3333:::: TOP 30 OPERATORS FLEET PROFILE

29.5

28.6

22.4

21.8

20.5

20.5

20.3

20.0

19.6

19.4

18.2

17.9

17.8

17.7

17.3

17.1

16.4

16.1

15.9

15.2

14.9

14.8

14.4

13.9

12.8

12.6

12.3

11.9

8.2

6.6

Odfjell

Stolt

MOL Nordic Tankers *

Chemship

Ultratank

Koyo Kaiun

Allied/FCC

Aurora Tankers

Ace.Quantum

Hansa Tankers

Womar

MTMM

Formosa

Bryggen . Network Chartering

Chembulk Tankers

Tatsumi

GSB Tankers

Iino Kaiun

Great Horse

Glory Ship Management

Sinochem

Essberger Tankers

Navig8 Chemicals

Team Tankers

Uni.Chartering

Woolim Shipping

Tune Chemical

Dongguan Fenghai Ocean

Shanghai Xuanrun Shipping

Champion Tankers

100%

100%

100%

100%

100%

100%

96%

96%

95%

95%

91%

90%

83%

76%

76%

75%

75%

65%

49%

25%

19%

10%

6%

4%

3%

0%

0%

0%

0%

4%

4%

5%

10%

24%

25%

25%

35%

51%

75%

81%

90%

94%

96%

97%

100%

100%

100%

100%

100%

Hansa Tankers

Allied/FCC

Chembulk Tankers

Ultratank

Koyo Kaiun

Chemship

Essberger Tankers

Tatsumi

MOL Nordic Tankers *

Ace.Quantum

Stolt

Great Horse

Odfjell

Womar

Iino Kaiun

GSB Tankers

MTMM

Sinochem

Glory Ship Management

Dongguan Fenghai Ocean

Aurora Tankers

Team Tankers

Woolim Shipping

Shanghai Xuanrun Shipping

Navig8 Chemicals

Bryggen . Network Chartering

Champion Tankers

Formosa

Tune Chemical

Uni.Chartering

0% 100%

% STST % COATED

Top 3

19 segregations

AVERAGE # SEGREGATIONS

63%

% STST VS COATED TANK CAPACITY

Top 5

Top 10


WORLD’S TOP PARCEL�TANKER OPERATORS

We specifically differentiate a group of parcel tanker operators from the

chemical tanker operators list. These operators and their ships engage in

the ‘parcelling’ trade often multi-grade & parcel cargoes on Contract of

Affreightment with chemical majors.


� Stolt 1 108 2,687,019 1 111 2,785,613 � �4%

� Odfjell 2 83 2,616,160 2 85 2,512,570 � 4%

� MOL Nordic Tankers 3 81 1,960,240 3 58 1,492,369 � 31%

� Sinochem 4 65 970,515 4 67 951,680 � 2%

� Ace�Quantum 5 35 693,142 9 22 433,563 + 4 60%

� Allied/FCC 6 29 641,032 5 28 599,281 � 1 7%

� Hansa Tankers 7 30 635,547 8 25 536,359 + 1 18%

� Womar 8 19 401,193 6 33 591,738 � 2 �32%

� Ultratank 9 23 399,532 11 18 393,848 + 2 1%

�� GSB Tankers 10 18 290,647 25 7 108,702 + 15 167%

�� Tatsumi 11 16 254,234 17 12 160,986 + 6 58%

� Essberger Tankers 12 37 236,654 12 38 241,182 � �2%

� Koyo Kaiun 13 12 196,362 13 14 223,994 � �12%

� Chemship 14 13 190,775 15 12 172,543 + 1 11%

� Great Horse 15 12 189,926 19 9 156,601 + 4 21%

2019 2018 Rank

Change

DWT

Change

TABLE TABLE TABLE TABLE 3:3:3:3: PARCEL TANKER OPERATORS WITHIN TOP 30

Note: An operator’s fleet must have at least 50% of ships having stainless steel cargo tanks and

the average number of segregations of the fleet is no smaller than 75% of its average total tank

capacity in one thousand units. It is not a scientific definition but has been consistently used to

define an operator more likely to involve in the chemical ‘parcel trade’. We record a total of 142

parcel tanker operators with 1,108 ships supplying tonnage of over 16.7million DWT.


29

29

22

15

20

20

19

18

21

16

17

15

21

22

16

30 SEGS 60 SEGS

Stolt

Odfjell

MOL Nordic Tankers

Sinochem

Ace.Quantum Chemical Tankers

Allied/FCC

Hansa Tankers

Womar

Ultratank

GSB Tankers

Tatsumi

Essberger Tankers

Koyo Kaiun

Chemship

Great Horse

Min Avg Max

CHART CHART CHART CHART 5555: : : : PARCEL1TANKER OPERATORS DOMINANCE IN #SEGREGATIONS

Parcel

28%

Non�Parcel

72%

ININININ TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:

Parcel

49%

Non�Parcel

51%

ININININ TERMS OF SHIP COUNT:TERMS OF SHIP COUNT:TERMS OF SHIP COUNT:TERMS OF SHIP COUNT:

Parcel

50%

Non�Parcel

50%

ININININ TERMS OF DWT TONNAGE:TERMS OF DWT TONNAGE:TERMS OF DWT TONNAGE:TERMS OF DWT TONNAGE:

Parcel

83%

Non�Parcel

17%

ININININ TERMS OF STST CAPACITY:TERMS OF STST CAPACITY:TERMS OF STST CAPACITY:TERMS OF STST CAPACITY:

CHART CHART CHART CHART 4444: : : : PARCEL TANKERS VS NON1PARCEL TANKERS


50 SHIPS 100 SHIPS

Stolt

Odfjell

MOL Nordic Tankers

Sinochem

Womar

Ultratank


Chemship

Allied/FCC

Koyo Kaiun

Great Horse

GSB Tankers

Essberger Tankers

Hansa Tankers

Tatsumi

> 10%5�10%< 5%

CHART CHART CHART CHART 7777: : : : TANK1CAPACITY RATIO OF KEY PARCEL1TANKER OPERATORS’ FLEETS

CHARTCHARTCHARTCHART 6666: : : : TANK SEGREGATION PROFILE OF KEY PARCEL1TANKER OPERATORS

50 SHIPS 100 SHIPS

Stolt

Odfjell

MOL Nordic Tankers

Sinochem

Essberger Tankers


Allied/FCC

Hansa Tankers

Womar

Ultratank

GSB Tankers

Tatsumi

Chemship

Koyo Kaiun

Great Horse

15�20 segs20�25 segs25�30 segs> 30 segs

10�15 segs

>10 segs

Note: The tank-capacity ratio

measures a ship’s relative tank

size, indicating its versatility in

handling multiple small sized

cargoes in the parcelling trade.

The ratio is derived by taking each

vessel’s average tank size divided

by its total cargo capacity.


CARGO�OWNER CONTROLLED FLEET


� Bahri (NCC/UACC) 1 38 1,742,669 1 33 1,505,071 � 16%

� Methanex (Waterfront) 2 28 1,138,840 2 28 1,143,840 � �0.4%

� Wilmar Trading (Raffles) 3 42 1,116,250 3 37 905,959 � 23%

� MHTL( Proman Shipping) 4 12 473,572 4 10 394,317 � 20%

� Cargill 5 8 401,713 4 6 304,397 � 1 32%

� Reliance 6 6 247,722 9 3 139,773 + 3 77%

2019 2018 Rank

Change

DWT

Change

CHART CHART CHART CHART 8888:::: CHANGES IN CARGO1OWNER CONTROLLED FLEET

TABLETABLETABLETABLE 4444: : : : TOP 6 CARGO1OWNER CONTROLLED FLEET

135

SHIPS

147

SHIPS

2018 2019

�� 9%

GROWTHGROWTHGROWTHGROWTH IN TERMS OF SHIP COUNT:IN TERMS OF SHIP COUNT:IN TERMS OF SHIP COUNT:IN TERMS OF SHIP COUNT:

4.14

MIL

DWT

4.54

MIL

DWT

2018 2019

��10%

GROWTHGROWTHGROWTHGROWTH IN TERMS OF TONNAGE:IN TERMS OF TONNAGE:IN TERMS OF TONNAGE:IN TERMS OF TONNAGE:

of the global chemical tanker

DWT are CargoCargoCargoCargo----Owner Owner Owner Owner

ControlledControlledControlledControlled13%


DEFINITIONS:

The RANKING is measured by a fleet total DWT, counting only ships that are known to regularly carry

IMO-classed cargoes including chemicals, vegetable oils, lubricating oils and Urea Ammonium Nitrate

(UAN) cargoes. Within the fleet of each identified operator, ships that are known to mainly carrying

non-IMO cargoes (like petroleum products) are excluded. Records are good as of 15th Feb 2019.

PARCEL-TANKER OPERATOR: An operator’s fleet must have at least 50% of ships having stainless

steel cargo tanks and the average number of segregations of the fleet is no smaller than 75% of its

average total tank capacity in one thousand units. It is not a scientific definition but has been

consistently used to define an operator more likely to involve in the chemical ‘parcel trade’. We record

a total of 142 parcel tanker operators with 1,108 ships supplying tonnage of over 16.7million DWT.

CHEMICAL TANKERS: The versatility of chemical

tankers makes any rigid categorisation untenable,

especially as some of their operators take advantage of

such versatility and dabble in various cargo types (oils,

chemicals, vegetable oils & fats, lubes, lube additives,

etc.) at different time. A few of them actually

differentiate themselves by specialising in such inter-

changeability and combination of trades. Their ships are

thus sometimes termed as ‘swing tonnage’, typically

moving between key cargo types in Clean Petroleum

Products (CPP), Vegoils and Chemicals.

We have endeavoured to meticulously research and process the data, analytics and information contained in

this report, paper, study, communication or document. In the process and in part, we may have drawn upon data

and information collected by others. Certain data may no longer be correct or valid, especially changes due to

passage of time or as a result of change in legislature. We therefore cannot accept responsibility for

guaranteeing that all information herein is accurate, complete and up-to-date. Certain statements in this

document contain words or phrases that are forward-looking statements. All forward looking statements are

subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those

contemplated by the relevant forward looking statement. The recipient of this document remains solely

responsible for making any determination or decision to enter into any transaction based on the information

contained in this document. By accepting this document, the recipient agrees to be bound by the aforesaid

conditions. Please obtain our permission before you copy, disseminate or distribute the document in whole or

in part. If you have data or information that may update or contribute to the accuracy of the report, or wish to

engage our chemical shipping market analytical services, please send to [email protected]. Thank you.

CHART 9:CHART 9:CHART 9:CHART 9: CHANGES IN GLOBAL CHEMICAL TANKER FLEET

WORLD’S TOP CHEMICAL TANKER OPERATORS RANKINGS 2019 · WORLD’S TOP 5 CHEMICAL TANKER OPERATORS...

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