Onshore oil storage tanks, like the RN-Tuapsinsky refinery operated by Rosneft of Russia, may run out of capacity in four weeks or sooner, according to Poten and Partners, making VLCC tankers a possible storage solution. Photo: BloombergOnshore oil storage tanks, like the RN-Tuapsinsky refinery operated by Rosneft of Russia, may run out of capacity in four weeks or sooner, according to Poten and Partners, making VLCC tankers a possible storage solution. Photo: Bloomberg
Onshore oil storage tanks, like the RN-Tuapsinsky refinery operated by Rosneft of Russia, may run out of capacity in four weeks or sooner, according to Poten and Partners, making VLCC tankers a possible storage solution. Photo: Bloomberg
Business /  Commodities

Oil glut fuels demand for crude tankers as storage in boon for charter rates and Hong Kong shipowners

  • A price war in global oil market has led to overproduction, creating demand for tankers as floating storage facility
  • Demand has aided charter rates in a surprise lift for fleet owners in Hong Kong and elsewhere
Topic |   Coronavirus pandemic
Ryan Swift
Ryan Swift

Updated: 11:05pm, 7 Apr, 2020

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Onshore oil storage tanks, like the RN-Tuapsinsky refinery operated by Rosneft of Russia, may run out of capacity in four weeks or sooner, according to Poten and Partners, making VLCC tankers a possible storage solution. Photo: BloombergOnshore oil storage tanks, like the RN-Tuapsinsky refinery operated by Rosneft of Russia, may run out of capacity in four weeks or sooner, according to Poten and Partners, making VLCC tankers a possible storage solution. Photo: Bloomberg
Onshore oil storage tanks, like the RN-Tuapsinsky refinery operated by Rosneft of Russia, may run out of capacity in four weeks or sooner, according to Poten and Partners, making VLCC tankers a possible storage solution. Photo: Bloomberg
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