JPMorgan hires supertanker to store oil until prices go up
source: http://www.bloomberg.com/apps/news?pid=20601087&sid=aZtS4TC9mxJM
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JPMorgan Chase & Co., the second- largest U.S. bank by deposits, hired a newly built supertanker to store heating oil off Malta, shipbrokers reported, in the company’s first such booking in at least five years.
The bank hired the Front Queen for nine months, according to daily reports from Oslo-based SeaLeague A/S and Athens-based Optima Shipbrokers Ltd. David Wells, a spokesman for JPMorgan in London, declined to comment.
JPMorgan, which has never hired an oil tanker based on data compiled by Bloomberg going back five years, follows companies including Citigroup Inc.’s Phibro LLC unit and BP Plc in hiring ships to store crude or oil products at sea. The firms are seeking to take advantage of higher prices later in the year.
“It’s opportunity-driven,” Sverre Bjorn Svenning, an analyst at Fearnley Consultants AS in Oslo, said by phone. “I doubt it’s going to be a permanent or new sort of trade.”
Heating oil for immediate delivery costs $553 a metric ton in northwest Europe and supplies for August are at $580, according to data compiled by Bloomberg.
The bank hired the Front Queen for nine months, according to daily reports from Oslo-based SeaLeague A/S and Athens-based Optima Shipbrokers Ltd. David Wells, a spokesman for JPMorgan in London, declined to comment.
JPMorgan, which has never hired an oil tanker based on data compiled by Bloomberg going back five years, follows companies including Citigroup Inc.’s Phibro LLC unit and BP Plc in hiring ships to store crude or oil products at sea. The firms are seeking to take advantage of higher prices later in the year.
“It’s opportunity-driven,” Sverre Bjorn Svenning, an analyst at Fearnley Consultants AS in Oslo, said by phone. “I doubt it’s going to be a permanent or new sort of trade.”
Heating oil for immediate delivery costs $553 a metric ton in northwest Europe and supplies for August are at $580, according to data compiled by Bloomberg.
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masterzip
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Now why didn't the government think of investing billions upon billions in oil and gold instead of giving it away to private companies who forced just about everyone in the world to lose money. oh,..wait a minute,..i know why,....because governments don't do anything unless it lacks common sense.
- 2 years ago
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masterzip
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jh64487
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...piracy anyone??
AVAST!!
- 2 years ago
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jh64487
