Tanker owners are cutting vessel speeds by as much as 11% to mitigate the effects of record high bunker prices.

But charterers are not always so receptive to reducing the knots when ships are carrying cargo.

Norwegian chemical tanker player Odfjell revealed it has cut the speed of its fleet by 11% as prices for marine gasoil and very low sulphur fuel oil surged past $1,000 per tonne for the first time ever.