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Because of the COVID-19 pandemic, nearly half of the world's population has been in lockdown mode. Fewer planes are in the sky, and fewer cars are on the street. That has caused global oil demand to plummet. The weak global oil demand, combined with global oil oversupply, has flooded the world with oil, driving the demand for oil storage to skyrocket.
In the past two months, many oil tankers, including DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), International Seaways (INSW), and Scorpio Tankers (STNG) had experienced a significant surge in both daily tanker rates and