Tankers gather off Malta

18/06/2009

Six tankers carrying around 20 million barrels of oil have downed anchor off the coast of the popular holiday island of Malta, reports suggest.

According to Reuters data, there are also 20 tankers carrying petroleum products such as heating oil and petrol stationed offshore, in addition to four tankers carrying liquefied natural gas.

In total, the ships could meet Malta's demand for oil, gas, heating oil, DERV and other distillates for nearly three years.

The ships are stationed offshore as owners look to profit from delaying in sending the cargo to market, expecting that crude prices will continue to rise in the coming months.

One trader told the news agency: "The ships have to float somewhere where they can get supplies etc, and they have to shelter somewhere," said one oil trader, whose company has stored some oil in tankers."

Crude and heating oil prices have all risen steadily in the last few months after reaching a nadir in February.