Trafigura Boosted Tanker Fleet By 70% During 2020's Historic Oil Contango – gCaptain
By Andy Hoffman (Bloomberg) — Trafigura Group boosted its shipping fleet by 70% in April last year to profit from the wild price swings in the oil market caused by the pandemic, the company’s CEO said. As government-ordered lockdowns destroyed about a quarter of normal oil demand, Trafigura secured as many oil tanker ships as it could to store the excess, Jeremy Weir, Trafigura’s chairman and chief executive officer said at the Future Investment Initiative conference in Saudi Arabia. “We anticipated the demand destruction so we were able to ensure we were able to move the cargoes and...
Source: gcaptain.com