Floating storage could swell to fill a third of the global tanker fleet's capacity and spur rates not seen in more than a decade, according to estimates from Evercore ISI.

The investment bank's research arm predicts 1.5bn barrels of oversupply in the second quarter brought on by March's oil price war and the subsequent shallow cuts, with 400m in on-shore storage quickly filling up and a further 200m in strategic reserves.