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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.
• Copyright © 2019 ShipsFocus Intelligence 3
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.
• Copyright © 2019 ShipsFocus Intelligence 4
THE WORLD’S TOP 30 LIST
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%
� 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
• Copyright © 2019 ShipsFocus Intelligence 5
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.
• Copyright © 2019 ShipsFocus Intelligence 6
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:
OUT OFOUT OFOUT OFOUT OF
6%
94%
TOP 30
OTHERS
509OPERATORSOPERATORSOPERATORSOPERATORS
ININININ TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:TERMS OF OPERATOR COUNT:
OUT OFOUT OFOUT OFOUT OF
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
• Copyright © 2019 ShipsFocus Intelligence 7
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
• Copyright © 2019 ShipsFocus Intelligence 8
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.
Operator Rank # Ships DWT Rank # Ships DWT
� 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.
• Copyright © 2019 ShipsFocus Intelligence 9
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
• Copyright © 2019 ShipsFocus Intelligence 10
50 SHIPS 100 SHIPS
Stolt
Odfjell
MOL Nordic Tankers
Sinochem
Womar
Ultratank
Ace.Quantum Chemical Tankers
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
Ace.Quantum Chemical 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.
• Copyright © 2019 ShipsFocus Intelligence 11
CARGO�OWNER CONTROLLED FLEET
Operator Rank # Ships DWT Rank # Ships DWT
� 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%
• Copyright © 2019 ShipsFocus Intelligence 12
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 enquiry@shipsfocus.com. Thank you.
CHART 9:CHART 9:CHART 9:CHART 9: CHANGES IN GLOBAL CHEMICAL TANKER FLEET
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