Trading companies have taken at least 22 supertankers on time charter this month with an option to store crude as the contango in futures prices is expected to sustain in the medium term, market participants said Wednesday, January 14. This will translate into floating storage of almost 45 million barrels of crude. Crude oil prices have been sinking for six straight weeks, and traders want to store the commodity for the time being, hoping to sell it later at higher prices. Around eight more ships were taken on time charter in the last two-three days, according to interviews with brokers, owners and charterers tracking the developments. Article continues below… Real-time news service tailored for ship owners, tanker charterers, brokers and traders plus the only independent source of daily clean and dirty tanker rate assessments daily. “Many owners are still working [on giving out their […]