Sudden and drastic reduction in the price of crude oil all over the world due to the lockdown in various parts of the world, has led the tanker to go for long anchorages. The land based storage units have limited space. In this scenario ship owners are using tanker ships as storage units. As per the news, around more than 60 VLCC ships are going for anchorages.
All over the world, it can be seen that Very Large Crude Carriers (VLCC) are being put on to anchorage as there is no place to offload the cargo. Recently the prices went negative for crude oil in the international market.
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Due to lockdown all over the world, people are not using any fuel and same is with the airlines as well. This has caused large amount of oil being unused and less place to store it. This is causing lot of operational costs to the tanker owners as well.
The market is expected to get better after the lockdown and the public transport opens up.
