12 VLCCs store crude, fuel oil off Malaysia

SINGAPORE (Reuters)

Others like European traders Trafigura and Astra Oil are riding on the market’s contango structure, where weak prompt demand encourages players to store crude supplies for future sale in expectation of a price recovery.

These traders are time-chartering Very Large Crude Carriers (VLCCs) to store fuel oil and crude due to a lack of long-term storage capacity in Singapore.