Traders charter ships to store oil as refinery maintenance crimps demand

Two trading houses, including commodities group Glencore, have chartered at least four tankers to store oil off Singapore, taking advantage of cheap freight and crude ahead of the refinery maintenance season that typically crimps demand. ST Shipping, Glencore's shipping arm, booked the 300,133 deadweight tonne (dwt) Very Large Crude Carrier (VLCC) Plata Glory for a month at $22,000 (£16,438) per day and has the option to extend at $26,000 and $29,000 per day for the second and third month,