To Store Crude at Sea, Statoil Hires Frontline VLCC

By MarEx 2011-06-29 16:12:24

Norway’s largest oil and gas producer, Statoil, has booked a supertanker to store crude at sea, according to Optima Shipbrokers Ltd. 

The Frontline-owned VLCC, the largest supertanker operators in the world, have chartered the vessel at a cost of $32,000 for a 30-40 day period, Optima reports. 

The increased incentive to store crude at sea stems from crude falling for a 4th week in a row in New York trading, after the IEA announced it was adding 60million barrels to global supplies