Trafigura Boosted Oil Tanker Fleet by 70% as Crude Went Negative

Trafigura Boosted Oil Tanker Fleet by 70% as Crude Went Negative
Bloomberg
1/28/2021
Andy Hoffman
© Photographer: Dhiraj Singh/Bloomberg
An oil refinery of Essar Oil Ltd., stands at Khambalia, Dev Bhumi Dwarka, Gujarat, India, on Wednesday, April 25, 2018.
(Bloomberg) -- Trafigura Group boosted its shipping fleet by 70% in April last year to profit from the wild price swings in the oil market caused by the pandemic, the company’s CEO said.
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As government-ordered lockdowns destroyed about a quarter of normal oil demand, Trafigura secured as many oil tanker ships as it could to store the excess, Jeremy Weir, Trafigura’s chairman and chief executive officer said at the Future Investment Initiative conference in Saudi Arabia.

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