Chemicals Shipping News

Chemical shipping faces another tough year, but prospects are improving thanks to the strength of the product tanker market which is attracting a growing number of swing ships out of chemicals into products, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Drewry estimates that seaborne trade in chemicals (including vegetable oils and fats) was stagnant in 2014 and is forecast to grow at less than 2.5% pa over the next few years.

The chief executive of Bulknet.com will shortly close a $25-$30 million round of financing for his month-old Internet site, which he hopes will dominate online bookings for chemicals shipping. Mark Bitting said the financing, following an initial round that raised less than $1 million, should give the company a big head start on Internet competitors hoping to capture some of the multi-billion dollar chemical shipping market. "We're the only ones in this industry that have attacked e-commerce," he said, but added that he expects steep competition down the road given the number of other "dot-com" companies out there putting money into systems. The company has signed up 41 of the largest U.S.