Traders are using giant supertankers to store 160 million barrels of oil as the coronavirus torpedoes demand
A record amount of crude oil is being stored on container ships around the world as oil traders scramble to find places to keep their product amid a rapid decline in global demand caused by the coronavirus pandemic.that traders are frantically exploring storage options for crude oil both on land and at sea, citing multiple shipping sources.
Much of the oil is being stored on 60 super tankers, also known as very large crude carriers , which have a capacity to hold more than 2 million barrels each, Reuters reported. 25 to 40 VLCCs were already in use at the start of April, compared to less than 10 VLCCs in February, according to Reuters, which cited sources.
"This is an unprecedented time in the history of tankers and while VLCC tanker storage is garnering the headlines, smaller crude and product tankers are also being used for storage," Gregory Lewis, a shipping analyst with BTIG told Reuters.
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