Euronav's floating oil storage already seems to be paying off

420,000 tons of low-sulfur fuel oil, which Euronav bought this summer and is storing on a tanker vessel in Singapore, have already increased in value. Analyst firm Clarksons projects that the shipping company stands to gain significantly from its bet.

Oceania is a ultra large crude carrier, currently located in Singapore with a cargo of 420,000 tons low-sulfur fuel oil. | Photo: PR / Euronav

Euronav's purchase of a large oil cargo that will be used to bunker the shipping company's vessels now already looks set to pay off.

Ahead of the upcoming sulfur regulations, the Belgian tanker shipping company has bought 420,000 tons of low-sulfur fuel oil, which are being stored on the ultra large crude carrier, ULCC, Oceania in the world's top bunkering port, Singapore.

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