Read on Twitter
This map shows current position of oil tankers, mostly filled w oil. They're “stranded” around the world b/c no way to unload, b/c onshore warehouses are full, pipelines are full & w/o flow, due to low demand for oil. oil is now worth 0, keeping it stored $30,000 day per vessel.
The world’s top oil traders have been chartering dozens of supertankers for potentially storing oil at sea amid signs that demand recovery has stalled. https://oilprice.com/Energy/Crude-Oil/Traders-Charter-Supertankers-Amid-Signs-Of-New-Oil-Glut.html
Interestingly enough, demand for tankers for storing oil offshore is on the rise. In fact, Lloyd’s says demand for tankers for floating storage could be the single driver of demand for this industry in the next quarter. https://oilprice.com/Energy/Crude-Oil/Oil-Tanker-Industry-Is-In-An-Ocean-Of-Trouble.html
Torm A/S, world’s 5th largest owner of oil-products tankers, says inq for storage are increasing, amount of fuel being held at sea is rising. Glencore Plc, Vitol Group & Mabanaft booked tankers to store fuels. Most were for #crude but some for fuels. https://tankterminals.com/news/demand-to-store-a-glut-of-diesel-at-sea-is-rising-fast/
