Oil companies including Shell have booked supertankers to store crude at sea.
Other firms, including Vitol and Trafigura, have acquired crude tankers for up to 12 months.
According to reports, freight brokers said the increase in long-term bookings was “unusual” and could be used to store excess crude at sea until prices rebound.
Energy traders will often hire vessels for long periods as part of day-to-day operations but the recent booking also have to option to hold oil in storage.
Vitol, the world’s largest independent oil trader, has booked the TI Oceania Ultra Large Crude Carrier, one of the biggest ocean vessels in the world.
The company has also booked the 2 million barrel Maran Corona Very Large Crude Carrier (VLCC), while Swiss-based trader Trafigura has hired at least one VLCC, the Nave Synergy.
Shell is understood to have taken two VLCCs, the Xin Run Yang and Xin Tong Yang.
Initial indications are around 12-15 million barrels of floating storage have been booked so far.
In 2009 at least 100 million barrels of oil ended up being stored at sea.