Euronav has warned that rapidly rising crude storage levels could spell trouble for tanker owners later in the year.
Spot rates for VLCCs have been soaring as the market tries to cope with the surge of low-priced oil coming from Saudi Arabia in recent weeks.
The Belgian VLCC and suezmax owner said it was aware that "there is currently a substantial reduction in crude demand due to the worldwide impact of the Covid-19 outbreak and, more specifically, to the policies to restrict the movement of people."
