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Earlier quoted context omitted.
The current oil crisis and the lack of storage makes storage space really expensive.
There are at least 150 listings for crude oil tankers at this site: https://horizonship.com/ship-category/tankers-for-sale/crude... What's notable about the selected ship?
Earlier quoted context omitted.
The current oil crisis and the lack of storage makes storage space really expensive.
Which means that somebody is hoping some naive investor will pay them to take a junker off their hands.
EDIT: so that article is dated April 23 2018 and says it goes down to 290/ton, still a profit at that price, but steel is probably a lot lower today. Anyone have better numbers? We could do a group buy and decide whether to scrap or turn it into a party deck (post-COVID parties only).
You can bet some not so seaworthy tankers are being put to use again...
(the skit this is from, was specifically about an oil tanker. In case you've never seen it: https://www.youtube.com/watch?v=3m5qxZm_JqM)
The problem is that the ship is in Africa. If it were docked in the US and in working condition, it would already be used for storing oil. No, you won't be able to buy this boat and get it here on time to fill it up with negative priced crude oil.
Are low Oil prices only in the US? I would assume it would be a worldwide thing.
...and if you'll accept it fully loaded, the price is $15M.
...Seafarers, this is your moment!
The problem is that the ship is in Africa. If it were docked in the US and in working condition, it would already be used for storing oil. No, you won't be able to buy this boat and get it here on time to fill it up with negative priced crude oil.
> If it were docked in the US Are low Oil prices only in the US? I would assume it would be a worldwide thing.
Earlier quoted context omitted.
Which means that somebody is hoping some naive investor will pay them to take a junker off their hands.
17M is . . . not much? What's the scrap value of this thing? It's gotta be mostly steel. 159,000 tons empty. After some bad math, never mind. Let's go with https://www.ajot.com/premium/ajot-shipbreaking-breaking-badl... , which cays south asian yards are offering 495/ton. That's 78.7 M. Which is a lot higher than 17M. Of course there's environmental and labor and by the time you actually break the thing apart and sel…
How many barrels of oil does it store?