Remember floating storage? It’s back. Or at least, back in the spotlight. Market chatter has refocused on the view that falling oil demand equals higher tanker storage equals fewer ships available for spot deals equals higher spot rates.
Spot rates are definitely rising, albeit off an extremely low base. On Monday, Clarksons Platou Securities put spot rates for very large crude carriers (VLCCs; tankers that carry 2 million barrels of crude oil) at $27,900 per day, up 124% week-on-week.
VLCC rates...
https://www.freightwaves.com/news/tanker-markets-are-awash-again-in-floating-storage-chatter