Tankers pile up off Europe's coast as onshore storage sites hit limit [Reuters]
BP p.l.c. (BP)
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Source: Reuters
Tankers pile up off Europe's coast as onshore storage sites hit limit LONDON, April 15 (Reuters) - Dozens of tankers holding jet fuel and gasoline are at anchor in sea lanes around Europe’s main storage hubs, unable to discharge their cargoes as onshore tanks are full to capacity following the collapse in demand linked to the coronavirus crisis. Nearly 1 million tonnes of refined products are parked on around 30 tankers off Europe’s coast, Reuters calculations found. According to shipping data and trade sources, tankers have dropped anchor near to the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub and across parts of the Mediterranean as their cargo owners struggle to find buyers or storage tanks. While some vessels are expected to moor in ports soon, others could remain at sea for weeks because of a shortage of space left to be leased in onshore tanks, traders said. “The region is overflowing with products,” one trader said on condition of anonymity. Traders and shipping
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