Unipec set to hand back ULCC to Euronav

Unipec is set to stop chartering the TI Europe ULCC next month, Reuters reports.

The giant tanker has been on charter to the Chinese oil conglomerate since late 2014 and has been used as a floating storage vessel. The ship, one of just two ULCCs in operation today, is owned by Euronav.

Reuters claims Unipec had been paying $40,000 a day to charter the ship, and new bids for it have come in at around $36,000 a day.

Unipec’s move comes at a time where brokers are reporting plenty of interest in snapping up VLCCs for storage as the oil price drops once again to the $40 level.

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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