More than 240 products tankers are being used as floating storage across the globe, according to Braemar ACM, which expects volumes of clean petroleum products (CPP) stored at sea to grow for another two months and the subsequent destocking to drag on for quarters.
Product tanker earnings scaled all-time records last week, with several players citing tight spot supply as the main driver, due to considerable tonnage removed from the market for floating storage.
Braemar data shows 22 LR2s, 36 LR1s and 186 MR tankers or handysize ships storing clean products as of Monday.
