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Fully loaded tankers are on a journey to nowhere

Waiting for a price hike, investors are paying US$68,000 a day to stockpile crude oil


 

Ever on the lookout for ways to make money on commodities, Morgan Stanley has hired the Argenta, a supertanker capable of carrying two million barrels of oil. But the Argenta won’t be carrying it anywhere, it’s going to stay anchored–until oil prices rise, an expectation for later this year. Using supertankers to store oil until a better market comes along is at an historic high–80 million barrels of oil are now on board ships and not going anywhere.

Bloomberg.com


 
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Fully loaded tankers are on a journey to nowhere

  1. Excellent idea! I believe the Port of Mogadishu has a dock or two that could serve a useful parking role in your stockpiling plans…

  2. All this is just further proof that there is not, never has there been a real shortage of oil in the world. Nor will there be in our lifetime , our children’s and grandchildren’s. I know this is a blow to the eco alarmists but that’s just the way it is. The biggest problem the oil companies have is hiding all the stuff. A most stunning statistic: known reserves of oil in the world tripled between gulf war one and two. Massive offshore discoveries by Brazil may equal Saudi Arabia. The world will run out of oil someday, but not anytime remotely soon. Cheers

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