Stolt tankers is the largest operator of deep-sea chemical parcel tankers. Parcel tankers differentiate form bulk chemical tankers by the additional features that the ships have, such as cargo cooling, cargo heating, many (small) cargo tanks, highest level of chemical resistant materials and notation to carry the most dangerous chemicals. These features make the parcel tanker versatile compared to other tanker types, however this results in a higher cost. In the last twenty years, a shift has taken place in the deep-sea chemical shipping industry, driven by changes in regulations, funding of ships and macroeconomic factors. These changes have made the playing field of deep-sea chemical tankers more equal and commoditised, resulting in more competition by entries of new, privately funded companies with simple chemical tankers. Currently a large part of the parcel tanker fleet is nearing their end of lifetime and are expected to be recycled in the next five years. This creates the need to determine operating needs and requirements for replacements of Stolt Tankers’ ageing parcel tanker fleet. The goal of this study is twofold, first, is to determine the need for parcel tanker features in the market and, secondly, to determine the value that these features add. The findings have been concluded in terms of a priority for the feature in a new parcel tanker specification according to the MoSCoW prioritising technique.Analysis of the features is based on D37 parcel tanker class of Stolt Tankers. This typical parcel tanker class is a candidate for recycling in the next 5 years, and therefore a ideal study object for a replacement study. Four features were identified as giving the highest differentiation of a parcel tanker and are analysed in more detail: cargo cooling, cargo heating with thermal oil heating medium, small cargo tanks, and ship type 1notation. These features are analysed both qualitatively and qualitatively on its operation in the Stolt fleet, market demand and supply, competition and alternatives. The net added value of the features over the life of the ship has been calculated by means of a discounted cash flow analysis for base-,best and worst case scenarios.The cargo cooling feature yields the best added value for a new parcel tanker. The thermal oil cargo heating feature has a negative added net present value for only cargoes with this specific requirement. The study of the ship type notation has a low investment cost, however the loss of revenue by the capacity reduction is far more than potential revenues from thetype 1 cargoes. The number of cargo tanks has a large impact of the capital cost of the ship.Reducing the number of cargo tanks, i.e. the average tank size, yields a relatively large savingfor parcel tanker ship types. Combined with a decrease in the number of small cargoes, makes this a logical development for future parcel tankers. However, more research is required since there is a large discrepancy between the number of small cargoes on different trade routes.Based on the findings from the market and operational review of the D37 features the following priorities are given to the features. The cargo cooling system has been given a’Should Have’priority, the thermal oil cargo heating system has a’Could Have’and the ship type 1 notation a’Won’t Have’. Further research is recommended for the requirement of features of new ships with respect to the total fleet of Stolt Tankers. Secondly, modelling of cargo tank layouts with the statistical trading data is recommended to determine the requirements for the number and sizes ranges of cargo tanks