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What about tankers?

• Tuna-Fish 6y ago
  Also full. The proportion of the global tanker fleet that is just full of oil sitting off coast near refineries is at an all time high. A lot of speculators were betting that oil prices were going to go up and had rented ships and filled them with oil they though was cheap, before COVID-19 even hit. Since then, oil prices have absolutely cratered.
  • willturman 6y ago
    How do these tanker contracts work? Are speculators leasing the tankers on a month to month basis? What happens when/if the tanker isn't offloaded at the end of a contract?
    • cascom 6y ago
      Typically most tankers are owner operated, under a long-term charter or on the spot market they are doing jobs that days/weeks/months It’s a pretty efficient market See this article (Suspect rates have climbed even further as the storage trade becomes more lucrative. https://www.forbes.com/sites/gauravsharma/2020/03/12/supertanker-prices-spike-by-nearly-678-as-oil-price-tanks/#349493947e39 https://www.forbes.com/sites/gauravsharma/2020/03/12/superta...