Floating oil storage hits 10-year high at 19.2m tonnes

Cheap freight rates and oil contango prop up fragile tanker sector

Martyn Wingrove - Monday 9 November 2009

THE amount of crude and oil products stored on tankers has risen to a 10-year high of 19.2m tonnes, or 143m barrels, the London-based broker Gibson said.

There are now 129 tankers deployed for temporary storage by traders and investment banks attracted by cheap freight rates and the oil price contango. They include 42 very large crude carriers, 10...

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