The volume of crude and petroleum products stored at sea is increasing rapidly due to a historic oil supply overhang. The trend is supporting vessel earnings across the tanker spectrum, according to oil and shipping players.
Data from Kpler showed floating storage of crude and condensate reached 150m barrels as of Monday, up 23.2m barrels over the past week.
Those were stored on a total of 174 vessels, including 73 VLCCs.
