Companies with operations in London are reportedly hiring supertankers in a possible attempt to stockpile oil supplies following the plunge in world prices.
The news agency Reuters said sources had identified trading firms including Vitol and Trafigura, along with Royal Dutch Shell, as having booked crude tankers for up to 12 months - taking advantage of some cheaper rates of hire.
The idea is that by effectively parking large tankers full of oil offshore, oil owners can take advantage of cheap supplies and simply wait for prices to regain some strength.
Costs have plunged more than 50% in the past six months as a result of a glut in supply and fears for world economic growth.
The sources, said to be within the freight brokerage and shipping industries, claimed the tankers could be used to store excess oil at sea until prices rebound in a move not seen since the last price crash of 2009 when more than 100 million barrels were stockpiled in this way.
Brent Crude is currently hovering at around $51-per-barrel and dipped below the $50 level for a short time earlier this week.
The target price for most Brent producers is $100-per barrel but the largest nations are reluctant to cut output for risk of losing market share to US-produced shale oil which has dramatically reduced American demand for crude.
The price of Brent crude is now around $8-a-barrel higher for delivery at the end of 2015, with its premium rising sharply over spot prices this week due to forecasts for a large surplus in the first half of this year.
Reuters reported that Vitol, the world's largest independent oil trader, had booked the TI Oceania Ultra Large Crude Carrier, a three million barrel capacity mega-ship that is one of the biggest ocean going vessels in the world.
The agency said that Vitol, Trafigura and Shell, which it claimed had booked two vessels, had all declined to comment.
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