Two of the world’s most prominent tanker owners have VLCCs being used for floating storage off the UK as year-to-date lows in crude tanker rates are prompting oil traders to store more crude on ships.

VLCCs owned by John Angelicoussis and Peter Georgiopoulos are anchored off the north east coast of Great Britain with suggestions an expected drop in refinery utilisation during the current quarter may even accelerate the storage trend.

Broker