An increasing amount of crude oil has been stored at sea this month due to weak freight rates and high onshore inventories. But floating storage is not likely to help boost the market, as the economics remain difficult, and the trade is expected to wind down in the coming weeks.
Shipbroker Barry Rogliano Salles (BRS) says in a weekly research report that floating storage has been happening “for several months now” but really became active in the past 30 days.
