Shell has been one of several companies to take advantage of low freight rates to put diesel into floating storage in anticipation of rebounding prices.

Vitol Holding, JPMorgan Chase, Sempra Energy and Gunvor International have also chartered ships in recent weeks for the same purpose.

Short-term floating storage for middle distillates remains high, the International Energy Agency said in a recent report.

Storage for oil products, mostly middle distillates, grew by more than 30 million barrels as the premium of forward-month contracts to prompt prices of ICE gasoil futures makes holding on to stocks worthwhile, it said.

Most of the floating storage is in European waters, with smaller volumes off West Africa and Singapore, the Paris-based international energy watchdog added.