And also https://www.argusmedia.com/en/news/2098358-crude-floating-storage-doubles-to-114150mn-b "Of the tankers being used for storage, 32 are very large crude carriers (VLCCs) each with 2mn bl of capacity, Vortexa data shows. Shipbrokers estimate 48-55 VLCCs are now used as storage." "One of the VLCCs used for storage now is the Shell-chartered Eliza that since 9 April has held a Mars crude cargo in the US Gulf coast just five miles from its loading point, the Louisiana Offshore Oil Port (LOOP). Shell booked the tanker for six months at $120,000/d with an option to extend for three more months."
So $120K/day for 2,000,000 Bbls = $0.06 per day or $1.80 per Bbl per month or $10.80 Bbl for 6 months of storage ... would you call that expensive?? Well yes compared to $7.60/yr (~$0.65/mth) for onshore tank storage and ~ 3 times the price. But cheap if you could take advantage of contango that exist(s) or existed.
The timing of SA & Russia price war could not have been worse wrt to COVID-19 Black Swan arrival. When demand returns, even if it takes longer than expected, the surviving O&G companies will do very well I expect.
