The sharp slump in global crude demand, China in particular, due to the coronavirus outbreak has compelled several trading companies and cargo-holders to resort to floating storage, mainly on VLCCs, for up to six months in Singapore and elsewhere, market participants said Friday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The US Energy Information Administration earlier this month lowered its forecast for average global petroleum and liquid fuels demand for the first quarter of 2020 by 0.9 million b/d, which is a potential demand destruction equivalent to 15 VLCCs a month. A lack of buyers and cancellation of contracts has prompted many companies to park their crude on VLCCs near Singapore. In the latest deals, the 2005-built Bunga Kasturi Dua was chartered by Petrobras for floating storage […]