Product tanker rates are rising in northwest Europe amid firm floating storage demand due to logistics and contango play, according to market sources.
With brimming tanks in the Amsterdam-Rotterdam-Antwerp (ARA) region, oil firms have stored large quantities of clean petroleum products at sea before they can find profitable opportunities to sell them.
As of Thursday, Kpler data showed nine MRs, three LR1s and five LR2s were used as floating storage in the UK/Continental Europe area.
