Our TARP Money At Work: Morgan Stanley Said to Seek Supertanker to Store OilSubmitted by SteveMT on Thu, 01/15/2009 - 14:23
"Make Money Indeed"
By Alaric Nightingale and Todd Zeranski
Jan. 15 (Bloomberg) -- Morgan Stanley is seeking a supertanker to store crude oil, joining Citigroup Inc. and Royal Dutch Shell Plc in trying to profit from higher prices later in the year, four shipbrokers said.
Banks and commodity traders are seeking new ways to make money.
Supertanker storage deals are being done at about $75,000 a day, according to Petropoulos. Assuming the ship has a 2 million- barrel cargo, that works out at $1.12 a barrel over a 30-day period. Traders also need to pay financing and insurance costs.