Europe’s Busiest Port Expands for Floating Oil Storage
11.27.2009 - NEWS
November 26, 2009 [Bloomberg] - The Port of Rotterdam, Europe’s busiest, expanded its anchorage area to accommodate increasing demand from oil traders storing fuel at sea and more idling ships awaiting cargoes.

Rijkswaterstaat, the Dutch waterways authority, designated an area 15 kilometers (9 miles) northwest off the North Sea resort of Scheveningen as a new anchoring zone, the port authority said in a statement on its Web site today.
“Many tankers are lying at anchor here to wait for orders or for speculative considerations,” the port said in the statement. “The popularity of North Sea anchoring spots has increased considerably.”
The combined capacity of ships hired to store oil products expanded more than fivefold since April, according to data from Simpson Spence & Young Ltd., the world’s second-largest shipbroker. About two-thirds of those cargoes are in Europe, and additional carriers are also holding crude. Some merchant ships are also anchoring because they can’t find cargoes.
Traders can buy cargoes, store them and sell them at higher prices through derivatives contracts to lock in profit. In Europe, vessels are also parked off the U.K. coast at locations including Southwold, to the east.
The number of waiting vessels off Rotterdam has risen to an average of 50 to 60 with peaks of 90, compared with 40 before the economic crisis, Dutch news agency ANP reported. The new area lies along the shipping route to Scandinavia and the Baltic countries and can anchor about 15 vessels, the port said.

Shrieve Chemical Acquires Connection Chemical
11.13.2024 - NEWS
November 13, 2024 [Chem Analyst]- Shrieve Chemical Company, a leading value-added chemicals distr... Read More
Ohmium, Spirare Energy, and JNCASR Collaborate on India’s First CO2 to Green Methanol Plant
11.13.2024 - NEWS
November 13, 2024 [Buisness Wire]- Ohmium International (“Ohmium”), a leading green hydrogen ... Read More
Exolum Begins LOHC Transport and Storage Project in the UK
11.13.2024 - NEWS
November 13, 2024 [H2 View]- Spain’s Exolum has begun testing the storage and transport of gree... Read More
Crown LNG Rushing to Develop and Start Building US LNG Plant While Trump in Office
11.13.2024 - NEWS
November 13, 2024 [Reuters]- Norwegian headquartered Crown LNG is racing against time to develop... Read More