The growing surplus of oil on world markets has traders racing to find supertankers to use for storage, pushing rates for the mammoth vessels sharply higher even as prices for crude continue to dive.[mask]Crude oil held in sea storage hits new record at 160 [ppe]Apr 17, 2020 · Shipping sources said oil held in floating storage on tankers had reached at least 160 million barrels including 60 supertankers, known as very [mask]Floating StorageHow much of the oil supply surplus can [ppe]Apr 17, 2020 · The current crude oil fleet equates to about 2.4 billion bbl, and of this we estimate around 0.2 billion bbl is available for use as floating storage. However, the freight market is also highly dynamic, so the amount of potential floating storage availability can changeand not only as more ships are booked for floating storage.
State run ChemChina CNNCC.UL has diverted some crude oil cargoes which were supposed to arrive in China to floating storage near Malaysia, a source with direct knowledge of the matter told Reuters.[mask]Oil pricesHere's how oil storage works and why CNBC[ppe]Apr 22, 2020 · Oil traders are scrambling to find alternative storage options for crude both on land and at sea, Reuters reported on Friday, citing unnamed shipping sources, with an estimated record of 160 [mask]Tanker rates surge as traders hunt for ships to store [ppe]Mar 10, 2020 · Tanker rates to ship oil in very large crude carriers (VLCCs) are surging as oil traders hunt for ships to store cheap oil in as they take advantage of a
The company recorded the highest spot rates for their mid size tanker fleet in more than 10 years in Q1 2020, as a collapse in crude prices from a failure of OPEC+ countries to reach a supply cut agreement led to a deep contango structure that boosted charterer interest in floating storage utilization and healthy spot cargo demand.[mask]Oil ChaosCrude Tankers With Perfect Setup Seeking Alpha[ppe]Apr 21, 2020 · Things could get even uglier for the June futures if Cushing indeed hits tank tops by early May. Crude Tankers Major Winners. As global storage sits near capacity and US storage is rapidly [mask]Crude Oil Storage Tanks Superior Tank Co., Inc.[ppe]Crude Oil Storage With decades of knowledge and experience working in the oil fields, Superior Tank provides the industrys premier storage solution for crude oil and other petrochemicals. Our history includes extensive experience with both bolted steel tanks and welded steel tanks and we are one of the only tank manufacturers qualified to
Apr 20, 2020 · Tanker stocks including Teekay Corp. (TK +20.6%), Teekay Tankers (TNK +20.5%) and Nordic American Tankers (NAT +19.1%) stormed higher today as the lack of crude oil storage makes the group more attrac[mask]Crude Oil Storage Tanks Superior Tank Co., Inc.[ppe]Crude Oil Storage With decades of knowledge and experience working in the oil fields, Superior Tank provides the industrys premier storage solution for crude oil and other petrochemicals. Our history includes extensive experience with both bolted steel tanks and welded steel tanks and we are one of the only tank manufacturers qualified to [mask]Tanker companies ramp up as crude held in sea storage hits [ppe]Apr 20, 2020 · Tanker stocks including Teekay Corp. (TK +20.6%), Teekay Tankers (TNK +20.5%) and Nordic American Tankers (NAT +19.1%) stormed higher today as the lack of crude oil storage makes the group more attrac
An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk transport of oil or its products. There are two basic types of oil tankerscrude tankers and product tankers. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries.[mask]No oil tanker storage on Puget Sound The Seattle Times[ppe]No oil tanker storage on Puget Sound May 6, 2020 at 3:12 pm With a glut of oil filling storage facilities now, tankers, such as this one anchored in Padilla Bay near Anacortes in 2005, are being [mask]Tanker veteran warns on ratesThe storm is coming [ppe]May 08, 2020 · Both crude and products [tanker markets] have tightened as a result of floating storage, said Stevenson. You normally see a contango [floating storage] market in the large crude oil tankers, but the contango market is alive and well in products in a giant way, even on smaller 50,000 tonner MRs [medium range product tankers].
May 18, 2020 · Even as oil prices inch above $30 a barrel, U.S. producers waiting for a better return are finding that storage has become its own valuable commodity that in short supply could erase crudes [mask]Oil storage is hot commodity in oil markets Marketplace[ppe]The storage of commodities is the real hot commodity right now. The United States has the infrastructure to store unused oil, whether its in old salt caverns along the Gulf Coast or oil tankers [mask]List of Publicly Traded Crude Oil Tanker Companies [ppe]Capital Product Partners L.P. (CPLP) (Greececrude oil, diesel, fuel oil and jet oil) DHT Holdings, Inc. (DHT) (Crude oil tanker company) Dorian LPG Ltd. (LPG) (Liquefied petroleum gas (LPG) shipping company) Euronav N.V. (EURN) (Belgiumcrude oil) Frontline Ltd. (FRO) (Crude oil) Gener8 Maritime Inc. (GNRT) (IPO in June 2015Crude oil
The cost of hiring a Long Range 2 tanker, capable of carrying about 800,000 barrels of oil products, has more than doubled over the past week to a record $173,000 per day on Monday, according to [mask]In a World Awash With Crude Oil, Storage Companies Are [ppe]Investors are taking notice. In dollar terms, the share price of Vopak, the worlds largest independent oil storage company, has risen 4.4 percent since the beginning of the year. Vopak owns onshore tanks capable of storing roughly 210 million barrels of crude oil and petroleum refined products enough to supply Germany for almost three [mask]As oil prices plummet, crude oil tanker time charter rates [ppe]In recent years, the oil tanker market has, to a large extent, been driven by external factors. While other shipping markets instantly suffer from the fallout of the coronavirus crisis, the crude oil tanker market has yet to feel the same pain, thanks to the massive fall in oil prices, reflecting yet another external factor, says Peter Sand.
Rough storage costs for a developed country, with a normal inventory turnover representing short term storage0.15 $/bbl for a terminal connected by pipeline 0.5 $/bbl for a terminal with marine docking facilities The costs can very significa[mask]Oil price crash to spur storage plays; tanker owners [ppe]This bodes well for tanker owners and storage companies, both of which have become more upbeat as oversupply of oil is bullish for freight rates, with more barrels put in storage[mask]Oil Tanker Stocks Bounce Big on Crude Oversupply 24/7 [ppe]Apr 21, 2020 · The global tanker fleet has an estimated capacity of around 400 million barrels, a significant portion of which is available as floating storage tanks. Its not cheap, but for oil traders who