The lone VLCC in SBM Offshore’s fleet has reportedly been chartered for floating storage use amid growing appetite among oil firms for contango plays.

Brokers reported that the 300,985-dwt Gene (built 2003) was fixed to BP at $20,500 per day on a three-month charter. The deal has options to extend by another three months at $22,000 per day.

The vessel is due to be delivered in Singapore to store oil.

TradeWinds reported the Dutch contractor acquired the Hyundai Samho Heavy Industries-built vessel from Gener8 Maritime for $31m in late 2016.