Glencore Charters One of the World’s Biggest Tankers to Store Oil at Sea
Trading house Glencore has chartered the 3 million barrel
crude carrier ‘Europe’ to store oil at sea for at least 6 months, trading
sources on Tuesday.
The vessel is one of two so-called ultra large crude
carriers (ULCC), the largest tankers in the world.
Glencore booked the vessel at a rate of $37,000 a day for
the first six months, according to the sources.
A Glencore spokesman declined to comment.
Sources told Reuters last week that Royal Dutch Shell had
provisionally booked at least three supertankers to store crude oil at sea for
at least three months as traders brace for a sharp rise in global stocks after
OPEC and its allies abandoned a production cut deal.
Each of these vessels can each carry a maximum of two
million barrels of oil.
The glut of oil in world markets has prompted efforts by oil
players to find storage options including both on land and offshore on tankers.
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