Only a few tankers are used as floating storages

A few months ago, international trading houses were busy chartering major tanker vessels, VLCCs, with the intention of buying cheap oil, store it at sea, and then sell the oil at a profit on futures contracts. This development helped boost the rates to towering rates, thus benefiting carriers, but Financial Times now reports that only two of almost 40 vessels originally chartered for the purpose are currently being used as floating storages.
Read the whole article
Get access for 14 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
With your free trial you get:
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers
Start a free company trial todayRelated articles:
Trading houses charter more supertankers for oil storage
For subscribers
Trading houses book supertankers for oil storage
For subscribers
Soaring product tanker rates on the Atlantic
For subscribers