Distillate storage utilization rates have remained high in recent weeks at around 80-85 percent at non-refinery storage facilities in Amsterdam/Rotterdam/Antwerp, according to Genscape flight data. The high storage levels have prompted some oil product traders to turn to using clean product tankers as floating storage terminals, either sitting at anchor close to their load or likely discharge ports.
ARA gasoil/ULSD stocks have trended upwards over the past 12 months.
Some recent reports have suggested that as much as 640,000 metric tons of gasoil and ultra-low sulphur diesel are currently being stored in oil tankers moored outside ARA ports or at offshore locations elsewhere in Europe, generally either close to some of the main load points or near key deviation points such as Gibraltar.
Using shipping AIS location data from Genscape Vesseltracker, it is possible to monitor both the up-to-date location of these ships, as well any possible changes in destination or draft that they declare. When onshore storage levels are as high as in ARA at present, it’s not uncommon for ships to have to wait outside ports either for a berth or for some tank capacity to come free, which may sometimes be confused with being used as floating storage. However, it is possible to monitor a number of tankers that have been stationary for longer time periods, which are more likely to be storing, rather just than “waiting their turn."
Some product tankers have brought gasoil and ULSD from the Mideast Gulf to Europe via the longer Cape route.
For example, the Captain Paris was late last year, reported by ship brokers to have been chartered by Vitol to load a cargo of gasoil either from Ventspils or ARA on around December 12, 2015. However, having left the export refinery of Ruwais in the Mideast Gulf as far back as September 27, 2015, the ship has continued to float at anchorage just outside Rotterdam since arriving in the English Channel on December 9, 2015, while still displaying a laden draft in her AIS data.
Other likely current gasoil/ULSD storage vessels of note include the STI Park, which left the Latvian export terminal of Ventspils on December 16, 2015, with a cargo reported to be around 100,000 MT of ULSD. The ship has since remained at anchor with a laden draft just outside the port of Ventspils since leaving the terminal.
The SKS Douro sailed from the major Indian refinery of Sikka on October 27, 2015, with a cargo reported to be around 87,500 MT of gasoil and headed to Northwest Europe the long way around, i.e. via the Cape of Good Hope, rather than via the Suez Canal. Since arriving off the northern French coast on December 3, 2015, the ship has been apparently at anchor outside Le Havre, again whilst maintaining a laden draft.
In contrast to the usual voyage shipments, none of the above storage vessels are currently displaying their next destination in its AIS, other than “drifting, keep clear”, “for orders”, or simply “Ventspils V2 anchor”.
As well as heating oil/diesel, large numbers of fuel oil cargoes have been monitored sitting at anchor off Rotterdam, generally after arriving from Baltic loadports, without current destinations.
