The week in charts: Lockdowns unlikely to boost floating storage; record low for general cargo orders
Oil traders would lose money if they purchased at today’s price and chartered a VLCC for six months for storage. Meanwhile, crude exports from the US Gulf were the highest since March in September
As much of Europe locks down to combat infections, our analysis shows that the oil market situation is not as economically favourable for storing crude and products on tankers as floating storage as it was earlier in the year. Meanwhile, new orders for general cargo carriers will be at a record low in 2020
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