Global Maritime Hub
No Result
View All Result
  • Login
  • Premium Content
    • All
    • Economic Impact
    • Emissions, Fuel Technology & Environment
    • Financing
    • Hinterland & Intermodal
    • Offshore Vessels Market
    • Piracy & Security
    • Port Environmental Impact
    • Ports & Terminals
    • Ship Building
    • Shipping Economic Trends & Regions
    • Shipping Workforce Issues
  • Blog
  • Events
  • Industry Links
    • Broker
    • Certification
    • Consultant
    • Industry Association
    • Institute & Think Tank
    • Legal Experts
    • Official Institution / Body
    • Port & Port Authority
    • Recruitment Specialist
    • Research & Market Data
    • Shipping Company
    • Industry Blog
    • Trade Media
    • Training & Education
  • Newsletter
  • Videos
  • Other Hubs
    • GLOBAL LNG HUB
    • EUROPEAN GAS HUB
    • THE COAL HUB
  • Subscribe
  • My account
  • Login
SUBSCRIBE
  • Premium Content
    • All
    • Economic Impact
    • Emissions, Fuel Technology & Environment
    • Financing
    • Hinterland & Intermodal
    • Offshore Vessels Market
    • Piracy & Security
    • Port Environmental Impact
    • Ports & Terminals
    • Ship Building
    • Shipping Economic Trends & Regions
    • Shipping Workforce Issues
  • Blog
  • Events
  • Industry Links
    • Broker
    • Certification
    • Consultant
    • Industry Association
    • Institute & Think Tank
    • Legal Experts
    • Official Institution / Body
    • Port & Port Authority
    • Recruitment Specialist
    • Research & Market Data
    • Shipping Company
    • Industry Blog
    • Trade Media
    • Training & Education
  • Newsletter
  • Videos
  • Other Hubs
    • GLOBAL LNG HUB
    • EUROPEAN GAS HUB
    • THE COAL HUB
  • Subscribe
  • My account
  • Login
Global Maritime Hub
No Result
View All Result

2020: The Rise and Fall of Floating Storage

Editor by Editor
2 years ago
min read1 min
Vortexa crude oil
Share on FacebookShare on TwitterShare on Linkedin

Floating storage told the story of the extraordinary moves in oil demand and supply in 2020. Tankers holding offshore stocks of crude and refined products at sea made the news repeatedly from Q2 onwards, as volumes hit record highs amid a dramatic slump in demand, and also upended tanker market dynamics.

RELATED POSTS

Bunker-Weekly-Outlook

MABUX: Bunker Weekly Outlook, Week 04, 2023

1 week ago
Containership-demolition-sales

Containership demolition sales fall to 17-year low in 2022

1 week ago
Asia-Europe-sailings

Asia-Europe: 27% of sailings axed in first seven weeks of 2023

2 weeks ago

Some traders took advantage of the initial profitability to store oil at sea on account of the steep contango that emerged. Other types of floating storage pointed to the logistical difficulty in suddenly moving huge volumes barrels into onshore storage or refineries.

Below we review the pace and spread of floating storage and the impact on the freight market in 2020. With a persistent oversupply expected to carry into 2021, the rise and fall of floating storage, looks set to keep making waves.

The pace of the build

Global crude and condensate in floating storage peaked at a record daily rate of over 215mn bl at the end of June. Volumes congested off China accounted for half of the global total over Q3 due to the massive volume of arrivals following the buying spree when prices crashed.

Barrels floating there started to draw down more rapidly from October onwards, eventually pulling down global levels to around 100mn bl by the beginning of December 2020. But that’s still almost double the levels Vortexa saw prior to March this year.

floating storage

Source: Vortexa (this is an extract from full article)

Follow on Twitter:

Tweets by "Vortexa"

 

 

Tags: crude oilcrude oil tanker marketfloating storageVortexa
Editor

Editor

Related Posts

Bunker-Weekly-Outlook
Bunker Fuel

MABUX: Bunker Weekly Outlook, Week 04, 2023

1 week ago
Containership-demolition-sales
Shipping Trends

Containership demolition sales fall to 17-year low in 2022

1 week ago
Asia-Europe-sailings
Shipping Trends

Asia-Europe: 27% of sailings axed in first seven weeks of 2023

2 weeks ago
Bunker-Weekly-Outlook
Bunker Fuel

MABUX: Bunker Weekly Outlook, Week 03, 2023.

2 weeks ago
Bunker-Weekly-Outlook
Bunker Fuel

MABUX: Bunker Weekly Outlook, Week 02, 2023

3 weeks ago
Boxship-Sale-and-Purchase
Shipping Trends

Boxship Sale and Purchase market shrinks by 50% in 2022

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Trending Posts

Bunker-Weekly-Outlook

MABUX: Bunker Weekly Outlook, Week 04, 2023

January 26, 2023
Boxship-Sale-and-Purchase

Boxship Sale and Purchase market shrinks by 50% in 2022

January 12, 2023
Bunker-Weekly-Outlook

MABUX: Bunker Weekly Outlook, Week 02, 2023

January 13, 2023

Recent Post

Bunker-Weekly-Outlook

MABUX: Bunker Weekly Outlook, Week 04, 2023

January 26, 2023
Containership-demolition-sales

Containership demolition sales fall to 17-year low in 2022

January 26, 2023
Asia-Europe-sailings

Asia-Europe: 27% of sailings axed in first seven weeks of 2023

January 19, 2023
Bunker-Weekly-Outlook

MABUX: Bunker Weekly Outlook, Week 03, 2023.

January 19, 2023
Bunker-Weekly-Outlook

MABUX: Bunker Weekly Outlook, Week 02, 2023

January 13, 2023
Boxship-Sale-and-Purchase

Boxship Sale and Purchase market shrinks by 50% in 2022

January 12, 2023

Online platform for sharing information & analysis on trade, shipping, ports and the maritime business more info

Categories

  • Shipping Economic Trends & Regions
  • Ports & Terminals
  • Piracy & Security
  • Emissions, Fuel Technology & Environment
  • Economic Impact
  • Financing
  • Ship Building
  • Hinterland & Intermodal
  • Offshore Vessels
  • Port Environmental Impact
  • Shipping Workforce

Recent Posts

MABUX: Bunker Weekly Outlook, Week 04, 2023

Containership demolition sales fall to 17-year low in 2022

Asia-Europe: 27% of sailings axed in first seven weeks of 2023

Weekly Updates

Sign up to receive our weekly newsletter (each Thursday) with new shipping industry market reports, presentations & analysis.

By signing up, I agree to our TOS and Privacy Policy.

© 2020 GlobalMaritimeHub | All Rights Reserved

No Result
View All Result
  • Premium Content
    • All
    • Economic Impact
    • Emissions, Fuel Technology & Environment
    • Financing
    • Hinterland & Intermodal
    • Offshore Vessels Market
    • Piracy & Security
    • Port Environmental Impact
    • Ports & Terminals
    • Ship Building
    • Shipping Economic Trends & Regions
    • Shipping Workforce Issues
  • Blog
  • Events
  • Industry Links
    • Broker
    • Certification
    • Consultant
    • Industry Association
    • Institute & Think Tank
    • Legal Experts
    • Official Institution / Body
    • Port & Port Authority
    • Recruitment Specialist
    • Research & Market Data
    • Shipping Company
    • Industry Blog
    • Trade Media
    • Training & Education
  • Newsletter
  • Videos
  • Other Hubs
    • GLOBAL LNG HUB
    • EUROPEAN GAS HUB
    • THE COAL HUB
  • Subscribe
  • My account
  • Login

© 2020 GlobalMaritimeHub | All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT

Brighten Up Your Thursday!

SIGN UP to receive our free weekly newsletter with new shipping market reports, presentations & analysis! EVERY THURSDAY!