- Mideast often uses sea-going tankers to store crude oil when prices are low
- Seaways Laura Lynn: a supertanker as long as the Empire State building is high
- has sat laden with oil off the coast of Oman for more than two year
- storage for cargo of more than 3 million bbls of oil
- the Laura Lynn is 50% larger than the second largest (and far more commnon) size of supertanker
- the Laura Lynn is one of only two ultra-large crude carriers (ULCC) still in ocean-going sercie
- converted into fixed-position storage and offloading service vessels for offshore oilfields
- Vitol, private trading house run by British-based executive Ian Taylor, chartered the ship when the oil glut intensified in early 2015
- the vessel was parked near the Strait of Hormuz for more than two year
- this week, Vitol finally blinked: satellite tracking noted that the shiop rose out of hte water, suggesting that it had suddenly unloaded the majority of its oil
- the 3 million bbls of oil would have been moved to smaller tankers to "hungry" refineries, which after a three-year feast during the oil glut are finally having to pay up to get the bbls they need
For a story on another ULCC, see this post.
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