Ship Auction Platform Closes Chemical Tanker Deal at $20M

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  • Recently, a chemical ship sold for a price in the region of $20m imported by ShipBid has handed over successfully and put into operation.
  • This chemical ship over 40,000 DWT might be the largest second-hand chemical ship ever imported into China.
  • This import shows that the domestic market for the transportation of oil and chemicals is rapidly heating up under the Macro control of the country.

A chemical ship sold for a price in the region of $20m imported by ShipBid has handed over successfully and put into operation, reports the auction platform website.

This chemical ship over 40,000 DWT might be the largest second-hand chemical ship ever imported into China.

Growth in chemical market

In recent years, China’s chemicals market has developed rapidly.

There are many large-scale projects have been approved or put into production, such as Zhejiang Petrochemical Yushan Project, Guangdong Petrochemical, Dalian Hengli Petrochemical, Huajin Ami Petrochemical, Wanhua chemical and so on.

The development of the chemical market has stimulated demand in the transportation.

In December 2019, the Ministry of Transport of the People’s Republic of China issued an announcement that under the relevant requirements for importing ships, shipping companies can apply for additional capacity by purchasing ships, which is no more than 3 ships of 30,000 DWT to 40,000 DWT, from abroad or overseas.

Second hand exchange of chemical tankers

Mike Zhang, manager of the International Business Department of ShipBid said, “In the past two years, the second-hand exchange of tankers and chemical ships has been very active.

He added, “We have completed more than 10 projects of second-hand exchange of tankers and chemical ships and much more are in process. This time, the importing agency of chemical ship over 40,000 DWT is rare in the market, which shows that the domestic market for the transportation of oil and chemicals is rapidly heating up under the Macro control of our country.”

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Source: ShipBid

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