Fully loaded tankers are on a journey to nowhere

Ever on the lookout for ways to make money on commodities, Morgan Stanley has hired the Argenta, a supertanker capable of carrying two million barrels of oil. But the Argenta won’t be carrying it anywhere, it’s going to stay anchored--until oil prices rise, an expectation for later this year. Using supertankers to store oil until a better market comes along is at an historic high--80 million barrels of oil are now on board ships and not going anywhere.

Bloomberg.com