The International Energy Agency recently stated that about 15 Very Large Crude Carriers, or VLCCs, with total capacity of 30 million barrels, have been contracted, reports Gaurav Sharma for Forbes. Those at Port of Rotterdamn, Netherlands believe the figure could rise to at least 35 vessels by end of April.
Additionally, with the greater demand, crude carriers are raising rates. For instance, a typical 13 to 15 month VLCC contract late last year went at about $35,000 per day, but now, it costs about $48,000 per day for a similar contract. The current costs equate to about $0.90 to $1.10 a barrel stored per month.
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Max Chen contributed to this article.