VLCCs are still making money in the spot market as we approach the end of June. This fact makes it stand out from the rest of the oil tankers trading spot. Being less hard-hit from oil production cuts initiated on May 1 seems to be the result of enough capacity still being tied up in what is best labelled ‘logistical floating storage’, i.e. delays in discharging of the cargo due to inertia in land-based oil network logistics.

The amount of oil stored at sea is coming down again - regardles...