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World’s Biggest Oil Storage Firm Says Almost All Space Sold

  • Vopak tanks undergoing works are the only ones not booked
  • Euronav CEO sees tankers increasingly being moved into storage
Bloomberg business news
What the Oil Price Collapse Means for Tanker Storage Industry
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The world’s biggest independent oil storage company has all but run out of space for crude and refined products as a result of the fast-expanding glut that Covid-19 has created.

“The available capacity on the oil side is almost completely sold out for our terminals,” Gerard Paulides, chief financial officer of Rotterdam-based Royal Vopak NV, said in an interview. “For Vopak, worldwide available capacity that is not in maintenance is almost all gone and from what I hear elsewhere in the world we’re not the only ones.”