Politics
Out of context: Reply #7657
- Started
- Last post
- 33,772 Responses
- robotron3k0
Looks like the bankers are getting ready for the expensive oil prices later this year by storing fuel oil, and jet fuel in tankers all around the world.
"JPMorgan Hires Supertanker for Storage, Brokers Say (Update3)
By Alaric NightingaleJune 3 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank by deposits, hired a newly built supertanker to store heating oil off Malta, shipbrokers reported, in the company’s first such booking in at least five years.
The bank hired the Front Queen for nine months, according to daily reports from Oslo-based SeaLeague A/S and Athens-based Optima Shipbrokers Ltd. David Wells, a spokesman for JPMorgan in London, declined to comment.
JPMorgan, which has never hired an oil tanker based on data compiled by Bloomberg going back five years, follows companies including Citigroup Inc.’s Phibro LLC unit and BP Plc in hiring ships to store crude or oil products at sea. The firms are seeking to take advantage of higher prices later in the year.
“It’s opportunity-driven,” Sverre Bjorn Svenning, an analyst at Fearnley Consultants AS in Oslo, said by phone. “I doubt it’s going to be a permanent or new sort of trade.”
Heating oil for immediate delivery costs $553 a metric ton in northwest Europe and supplies for August are at $580, according to data compiled by Bloomberg."