Thursday, March 19, 2020

"Glencore Charters One of the World’s Biggest Tankers to Store Oil at Sea" (EURN)

As we pointed out on Monday (and which gCaptain gets right in the headline above) Euronav's TI Europe is very slightly smaller than sister ship TI Oceania: 441585 DWT vs 441561 DWT.

And from Reuters, March 17:
Glencore charters world largest tanker to store crude at sea: sources
Trading house Glencore (GLEN.L) has chartered the 3 million barrel crude carrier ‘Europe’ to store oil at sea for at least 6 months, trading sources on Tuesday.

The vessel is one of two so-called ultra large crude carriers (ULCC), the largest tankers in the world.
Glencore booked the vessel at a rate of $37,000 a day for the first six months, according to the sources....MORE
HT: gCaptain

Earlier in today's jaunt through hydrocarbons and storage:
Natural Gas: "Europe’s bloated gas stocks paint bearish picture for summer"
"Oil’s big storage problem" (TNK; FRO; EURN)

And from that Monday post
"Surging Demand to Move Crude Oil Sends Smaller Tanker Rates Soaring"
....Euronav owns the two UHCCs that are currently in operation (the other two are permanently dedicated to storage):
We noted Euronav's purchase of Oceania, their second of two remaining Ultra Large Crude Carriers back in 2018. Here's it's partner, the slightly smaller* TI Europe:
File photo shows the ULCC TI Europe, one of two 3 million barrel capacity oil tankers currently in the world. Photo: Euronav