Storage at sea. What’s that for again? Ah yes, if one considers the market will rebound in short order. But will it? Let’s see. The new Coronavirus is an excellent scapegoat for cleaning up all kinds of bad developments. Overzealous growth rates in China – check. Traders portfolios under strain – check. Wanted to cut your presence in some countries – check. Do that impairment that has bugged you for years – check. Many of those won’t produce a quick rebound. The world economy and most of all the Chinese economy are white-hot and need a cool off. Coronavirus or not. We have not cleaned up the mess from 2008 yet. We won’t now. But rebound? Don’t hold your breath.
Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China.