Lloyd list: MOL Fixture Boosts VLCC Market Rate

“Other factors could also play a role in boosting freight rate earnings for crude tankers in the coming weeks. The current development of the oil price means that oil could be held in vessels as floating storage, with the oil sold at a later date for a higher price, according to a recent report by Poten & Partners. With more vessels in storage, ‘key markets, like the Arabian Gulf, could experience shortened tonnage availability in the coming months’, said the report.”