Europe’s Busiest Port Expands for Oil Speculators, Idling Ships
Date: Thursday, November 26 @ 12:09:47 PST
Topic: Consumption; Demand; Prices


(Bloomberg) -- The Port of Rotterdam, Europe’s busiest, expanded its anchorage area to accommodate increasing demand from oil traders storing fuel at sea and more idling ships awaiting cargoes.

Rijkswaterstaat, the Dutch waterways authority, designated an area 15 kilometers (9 miles) northwest off the North Sea resort of Scheveningen as a new anchoring zone, the port authority said in a statement on its Web site today.


“Many tankers are lying at anchor here to wait for orders or for speculative considerations,” the port said in the statement. “The popularity of North Sea anchoring spots has increased considerably.”

The combined capacity of ships hired to store oil products expanded more than fivefold since April, according to data from Simpson Spence & Young Ltd., the world’s second-largest shipbroker. About two-thirds of those cargoes are in Europe, and additional carriers are also holding crude. Some merchant ships are also anchoring because they can’t find cargoes.

Bloomberg





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