Oil Supertankers Booked For Storage Rising Further, Owner Says

Apr 15, 2020

 

 

 

From: Wagner, Jonathan
Sent: Wednesday, April 15, 2020 9:51:12 AM (UTC-06:00) Central Time (US & Canada)
To: Wagner, Jonathan
Subject: Oil Supertankers Booked For Storage Rising Further, Owner Says

(Bloomberg) — More than 75 supertankers have been booked on long-term time charter, International Seaways CEO Lois Zabrocky says in an interview Wednesday.

  • “The number of VLCCs that have been taken on time charter, mostly between 6 months and a year, is certainly north of 75,” with supertankers typically holding 2m bbl
  • Still, there remains a gap between the number of ships that have been booked and those actually entering storage
  • Says concerns growing that ships will struggle to discharge due to storage tanks being full and virus restrictions
  • “Right now we have a bunch of ships that are a couple of days away from their discharge ports and our question is how quickly will they be able to be discharged?”
  • Says clean tankers, notably LR1s and LR2s, are starting to take time charter business, also likely for storage, over 3-6 months
    • “We’ve just seen the beginning, it seems to me, in that market, it’s not nearly as developed as the VLCCs”

Jonathan Wagner

Ion Energy Group

180 Maiden Lane 25th Floor

New York, NY  10005

Direct: 212-709-2261

Cell: 914-843-6986

 

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