On Thursday, the CEO of a Belgian tanker group Euronav, Hugo De Stoop, said that the global crude tanker market is being supported by the oil glut due to coronavirus pandemic.
“Oil and gas are oversupplied in the market due to low demand and the commodities have to go somewhere while the land storage is full. As around 100 tankers are likely storing tens of million barrels of crude oil at sea, I think prospects for players in the tanker market are quite good,” he said.
According to De Stoop, there are 65 very large crude carriers (VLCCs) around the world that have been static in at least 15 oils, indicating that they were storing oil. Further, 38 suezmaxes are also holding oil at sea.
