The sliding oil price - and the subsequent abundance of oil in the market - now leads some of the major trading houses, including Greek Trafigura, Vitol and Shell to charter supertankers, numerous industry brokers and sources tell Reuters.
The tanker vessels have been booked on contracts of up to 12 months, and the significant number of these long-term contracts is unusual, according to several sources, which thus speculate that the trading houses plan to use the vessels to store oil until the price starts to rise again. Several of the contracts also stipulate that the ships can be used as floating storage facilities.
Already a subscriber? Log in.
Read the whole article
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.Start a free company trial today
Your trial for ShippingWatch has now started
With your free trial you get:
Full access to all locked articles on ShippingWatch.
Daily newsletter and ongoing top-newsletters. You can unsubscribe and subscribe to our newsletters anytime.
When your trial period expires
You will not be transferred to a paid subscription.
You will continue to receive our newsletters after the trial period expires. You can unsubscribe at the bottom of each newsletter.