Oil major BP has provisionally chartered a supertanker to store crude oil off Malaysia at this year’s lowest rate yet, according to industry sources and data on Refinitiv Eikon.
The charter is the latest in a flurry of ship bookings made by oil majors and trading houses after tanker rates plunged. A resurgence in coronavirus cases, poor weather and the end of the northern hemisphere’s summer driving season have slowed global oil trade and shipping demand.
BP chartered very large crude carrier (VLCC) Gene at $20,500 per day for three months and has the option to extend another three months at $22,000 per day, one of the sources said.
“It is the cheapest rate so far,” he said.
BP declined to comment. The sources declined to be named as they are not authorized to speak to media.
The tanker is expected to arrive at Linggi port on the west coast of peninsular Malaysia later on Thursday, data on Refinitiv Eikon showed.
The daily rate for chartering VLCCs for six months hit a high of $120,000-$130,000 in April as traders rushed to store oil for later sales after a collapse in oil prices and demand in the second quarter. More than 1 billion barrels of oil entered storage over the second and third quarter.
The trading strategy, known as a contango play, relies on a wide spread between prompt and future months to cover storage costs.
Such storage plays are starting to look “marginally open”, a Singapore-based crude trader said.
However, Citi analysts said: “Much of the recent temptation to lease vessels for storage reflects more the decline in freight rates than a return to super contango.”
Ashok Sharma, managing director of Singapore-based shipbroker BRS Baxi, said the leases are more like replacing “expensive tonnage chartered earlier in the year … with cheaper tonnage.”
[reuters]
hydroxychloroquine plaquenil
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
ingredients in dapoxetine versus priligy
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
can humans take ivermectin
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
naltrexone hcl 4.5 mg
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
ivermectin dosing norwegian scabies
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
vidalista prices at walmart
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
hydroxychloroquine for coronavirus prophylaxis
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
vidalista 5 mg tablet images
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
no prescription cialis
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
reviews for sildenafil 20 mg
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
tamoxifen adverse effects
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
best results taking ivermectin
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
tadalafil aurogra comparison
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
suhagra super active review
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
atrial fibrillation and taking vidalista
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
generic cialis uk
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
viagra generic on amazon
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
plaquenil hydroxychloroquine stock market
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
priligy viagra
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
albuterol sulfate without dr prescription
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
hydroxychloroquine malaria prophylaxis
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
generic plaquenil shortage
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
prednisone 10 mg reviews
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
20mg cialis vs 100mg viagra
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
half life of cialis 20mg
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
united kingdom pharmacies online
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
generic viagra cialis
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
sildenafil citrate 100mg generic
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
cialis without doctor prescription
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
cialis for bph dose
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
oxytetracycline in goats
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald
can i buy cialis over the counter
BP Books Tanker for Storage at Lowest Rate This Year | Shipping Herald