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Latest market news

Crude in floating storage update - Icap

  • Market: Crude oil, Freight, Oil products
  • 15/10/10

The number of trading very large crude carriers (VLCCs) being used to store crude remains at two, unchanged from last week, shipbroker Icap said today.

The number of VLCCs owned by Iranian state-owned shipping company NITC employed in long-term crude storage has increased to seven from six, because one of the shorter-term storage VLCCs has not moved for two months.

There are now 11 of NITC's VLCCS engaged in short-term storage or shuttle operations, up from 10 last week. Eight continue to store or redistribute crude or fuel oil off Singapore or Malaysia, Icap said.

The number of VLCCs storing gasoil has been put back to three, after Icap said it had incorrectly lowered it to two last week. But one of the three is scheduled for redelivery this month and all three may only be partially laden.

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