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.