Traders book oil tankers to store 25 million barrels at sea – sources

Oil traders have booked at least 12 tankers to store 25 million barrels of crude at sea in a further sign of a build-up in global stocks, according to shipping sources and fixture data.
At least 11 very large crude carriers (VLCCs) have been reported as booked with storage options, shipping sources and fixture lists show, rising from around five vessels at the end of last week. Each VLCC can hold a maximum of 2 million barrels of oil.

Separately, the Ti Oceania – one of the world’s biggest oil tankers, known as an ultra-large crude carrier with a 3 million barrel capacity – has been booked to store crude, the data and market sources say.
Source: Reuters (Reporting by Jonathan Saul; Editing by Pravin Char)