In addition to being potentially beneficial to shippers
and trade generally, it may be argued that lower
bunker fuel costs can further shape the global shipping
networks and enhance market access and connectivity
by making, for example, additional port calls on
existing services more cost-effective. Furthermore, in
addition to supporting demand and therefore larger
crude trade volumes, lower oil prices and the related
“contango” can lead to the use of tankers as storage
units to store oil. Although a number of fixtures were
reported in 2014 and early 2015, oil storage did not
become as widespread as initially expected given
the less promising trends in oil futures and the rise in
charter rates (Clarksons Research, 2015a).