Onshore oil storage sites in Europe filling up: Tankers waiting

There are reported to be dozens of tankers holding jet fuel and gasoline resting at anchor around Europe’s main storage hubs. They cannot discharge their cargo because the onshore tanks are full.

Nearly a million tonnes of refined products are resting on around 30 tankers off Europe’s coast, reported Reuters.

While some vessels were expected to moor in ports soon, others could remain at sea for weeks because of a shortage of space left to be leased in onshore tanks, said Reuters, citing unnamed traders.

Low water levels along the Rhine river have added to logistical pressure  in the Rotterdam area. Barges at the moment can only be loaded to 50% of capacity, limiting how much they can take to storage sites along the river.

Two tankers – the Stena Polaris and the Andrea Victory – have been leased in recent weeks by BP to store fuel offshore for two to three months. They are currently anchored off the east coast of England, said Reuters, citing Refinitiv data.