More VLCCs for storage?

(May 15 2009)

A subsidiary of Abu Dhabi National Oil Company (ADNOC) is looking into the possibility of chartering VLCCs to store the company’s excess crude oil, due to the slump in global demand.
ADNOC has begun making enquiries with shipbrokers saying that it might require two or three vessels, according to a Reuters report. Each tanker will have a capacity of 2 mill barrels.

“They are asking for extremely flexible options at the moment with an eye on possible storage options in the West or the East. They are not ready to move yet, but they can move to make the booking with very little notice they want us to be ready to go,” Reuters reported a shipbroker as saying.

Meanwhile, recently there were 23 tankers anchored off Southwold on the east coast of the UK.
Of these 18 were VLCCs, or large tankers and nine were smaller vessels. All were loaded.
There are also three Smit-operated vessels based at Lowestoft servicing the anchorage with crews and provisions.

Source: Tanker Operator