Subscribe to RSS feedFloating storage hits new low as profits fall
by
Michelle Wiese Bockmann, London
—
last modified
Feb 25, 2010 02:50 PM
DWINDLING profitability has seen oil traders use fewer tankers for floating storage of crude and diesel with 119 deployed in January, down from November’s record of 149.
London broker Simpson, Spence & Young (SSY) reported that tankers were used to store 102.8m barrels in January, matching calculations provided early this month by rival broker Gibson.
Although the floating storage figures represent a five-month low, tanker brokers and...
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