Floating storage economics improve as oil contango widens
Marine fuel oil prices have plunged by nearly a quarter, sharply reducing operating costs for the global fleet, as oil demand is forecast to contract for first time in a decade
Oil prices have slumped 35% sending shockwaves through global markets already reeling from dwindling demand due to warm winter conditions and the coronavirus contagion. But oversupply of oil is bullish for freight rates, with tightening tonnage for the spot markets and momentum for floating storage is building
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