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
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
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
