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JPMorgan Hires Supertanker for Storage (of heating oil), Brokers Say [View All]

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sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-03-09 02:02 PM
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JPMorgan Hires Supertanker for Storage (of heating oil), Brokers Say
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Source: Bloomberg

une 3 (Bloomberg) -- 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 companys 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.

Its opportunity-driven, Sverre Bjorn Svenning, an analyst at Fearnley Consultants AS in Oslo, said by phone. I doubt its 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.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aZtS4TC9mxJM
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