Glencore takes Euronav ULCC for floating storage

With the price of oil super cheap, trading house Glencore is reported by Reuters, to have taken one of the world’s only two existing ultra large crude carriers (ULCCs) on a six-month charter to use the ship for floating storage purposes.

The 440,000 dwt TI Europe has been taken by Glencore for $37,000 a day, although officials at the trading house declined to confirm the deal when contacted by the newswire.

The ship is owned by Euronav, which also owns the Oceania, the other ULCC in existence today. The Oceania has been moored in Malaysian waters as part of Euronav’s very low sulphur fuel oil strategy.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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