Chemical tanker rates, which have fallen by over 30% in the last two years, could recover this year, according to Kevin Wong, director of Indonesian carrier PT Berlian Laju - Asia's biggest player in the sector. The freight rate falls in recent years have been primarily due to oversupply and the global downturn. But Wong told Fairplay he expects 2011 to bring improvements due to economic recovery and cooling vessel supply. "The chemical tanker market is correlated with GDP growth. For every 1% of GDP growth, demand for chemical tankers rises by 2%," he said. "The chemical market is cyclical and demand for chemicals has exceeded GDP over the last two decades."
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