Chemicals Update – Post-Boom Squeeze: 6–12k dwt Tankers Under Strain

The shipping industry may still remember the remarkable shipbuilding boom of 2008, a year that saw an unprecedented surge in new chemical tanker deliveries. During that peak year, a total of 243 new chemical tankers—ranging from 1,000 dwt to 50,000 dwt—were added to the global fleet, contributing about 3.2 million dwt in capacity. This remains a record-setting year in terms of newbuilding activity in this segment, and to date, we have not witnessed a comparable wave of orders. Judging by the current orderbook, it is unlikely that this record will be surpassed in the near future.

In recent years, uncertainty and structural challenges—including regulatory changes, decarbonization pressure, trade route disruptions, and rising newbuild costs—have dampened shipowner enthusiasm for large-scale fleet renewal. These factors, combined with increased scrutiny on emissions and fuel grades, have led to a more cautious, measured approach to fleet expansion. However, 2025 will still be a notable year for the chemical tanker market: the global fleet is expected to welcome 127 new vessels, contributing around 1.6 million dwt. In 2026, another 122 ships are scheduled for delivery, totaling 2.4 million dwt—a substantial increase in capacity compared to recent years.

One of the notable trends in the upcoming fleet additions is the distribution by vessel size. In 2025, a half of all new tankers fall within the 6,000–12,000 dwt range. The deliveries include 32 ships with stainless steel tank coatings, 28 with epoxy, and two vessels each coated with marineline and zinc. The total of 64 ships in this dwt range represents the highest figure since 2009, when 73 vessels were put into service. The standout year of 2008, by contrast, saw 92 tankers of this size enter the market. The coating preferences has shifted over the years. While the 2008 boom primarily saw orders focused on epoxy and marineline coatings, with only limited demand for stainless steel tanks, the current wave shows a clear pivot toward stainless steel. This reflects growing demand for tankers that can handle a wider variety of chemical cargoes.

However, despite the expected newbuilds, overall, the fleet is aging. The average vessel age in this group has now reached 14.5 years, placing it among the top five oldest chemical tanker groups. And although new tonnage of nearly 500,000 dwt is entering the market in 2025 (and close to 300,000 dwt in 2026 with 38 ships), these additions are being offset by scrapping trends. Between now and 2029, scrapping activity is projected to exceed new deliveries in this group, leading to a net contraction of the total fleet.

By the end of 2025, 88 ships in the 6,000–12,000 dwt range will be over 25 years old, making them increasingly difficult to trade—especially in regions with strict environmental and regulatory standards. These aging ships often operate in short-sea trades, primarily within intra-Asia and intra-Europe routes. The average scrapping age has also shifted over the past decade—from 19 years up to 27 years—a sign that owners are squeezing more life out of their assets.

Demand for these tankers is also changing. Short-sea routes have seen reduced activity due to chemical plant closures, particularly in Europe and Asia. These closures are now common, reshaping localized trade flows and reducing volume for traditional short-haul cargoes. As a result, the ballast-to-laden ratio has shifted. While only 34% of the distance sailed was in ballast in 2020, this figure has risen to 40% by 2025, indicating a decline in trading efficiency—likely due to fewer available backhaul cargoes and less predictable demand.

While the market is showing signs of moderate fleet renewal, a combination of aging tonnage, cautious investment, and structural trade shifts continues to define the chemical tanker landscape.

By Svitlana Synoha, Market Analyst – Chemicals, SSY.