Six Vessels Booked To Store Crude Off Gulf Of Mexico – ICAP

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July 25, 2011

LONDON (Dow Jones)–The number of ships storing crude off the U.S. Gulf Coast has risen to six, shipbroker ICAP said Friday in a note.

Three very large crude carriers and three Suezmax tankers are currently chartered as storage vessels, ICAP showed in a table of VLCC storage.

There has been a resurgence in the use of vessels for floating storage off the Gulf coast in the last two months ahead of the release of some 30 million barrels of crude oil from the U.S. strategic petroleum reserve.

A lack of onshore storage capacity in light of the influx of crude oil has encouraged owners to seek alternative means of storage, ship brokers said.

-By Sarah Kent, Dow Jones Newswires

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