CHEMICAL SHIPPING BUSINESS SEGMENT REVIEW The global chemical market remained challenging for the year 2014. It struggled against a continued weakness in the global economy, especially in key markets such as Europe and China. Growth in the manufacturing sector for the world’s second largest economy was also slowing down. All these had undoubtedly softened demand for chemical products and further pushed freight rates down. Despite the weak freight market, the numbers of newbuilding continued to increase, some 37% throughout the year. This will add more woes to the industry if demand continues to remain sluggish. Conversely, the low bunker prices have assisted in keeping margin at a decent level for the chemical shipping segment. HIGHLIGHTS OF 2014: • Multiple contract renewal • Reduced vessel downtime • Increased vessel availability MISC BERHAD - Annual Report 2014 p 62 PRESIDENT/ CEO’S REPORT
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