Floating storage of gasoline in vessels off the coast of Europe has soared to over 400,000 tonnes, with oversupply in the market threatening to hit profits come summer. The European Commission is considering a proposal that would allow ships carrying liquefied natural gas (LNG) from North Sea fields to be able to use floating terminals on Europe’s continental shelf, which could help reduce fuel
Floating storage of gasoline in vessels off the coast of Europe has soared to over 400,000 tonnes, with oversupply in the market threatening to hit profits come summer. While gasoline prices are expected to rise in the coming months, and exports from Europe to West Africa and the US have been increasing, analysts warn that owners of the floating fuel could hit problems if demand proves weak over the summer months.