Chemical Tankships Deep Laden on Fracking Boom

The boom in U.S. natural-gas supplies is boosting chemical exports to Asia, driving up demand for specialized ships that carry the products and sending freight rates to a five-year high, reports Bloomberg.

Earnings for tankers carrying 20,000 metric-ton cargoes in stainless-steel tanks will rise 12 percent to an average of $14,500 a day next year, the most since 2009, according to Bloomberg, citing RS Platou Markets AS, the investment-banking unit of Norway’s largest shipbroking group.

China, the largest importer, is on course to buy more than ever, pushing fleet use to 87.2 percent of available transportation capacity this year and 89.8 percent in 2014, the highest since 2008, Platou estimates.

Source: Bloomberg