More than 50 VLCCs are currently being used for crude storage - most of which in Asia - given the declining oil price, says Affinity Research.
A 10% fall in oil prices since late May has pushed owners and traders to store their cargo off Singapore.
Nick Pugh, tanker market analyst at Affinity, told TradeWinds: “We have seen an upward trend in floating storage capacity between September 2016 and late April this year, peaking in February at approximately 70m barrels.
