Singapore-listed commodities and energy firm Noble Group (NOBG.SI) has time-chartered an Aframax, Torm Mathilde, to store diesel for the first time in its maiden voyage to Europe, trading and shipping sources said on Tuesday.

The Torm Mathilde is the latest addition to the rising volumes of distillates being stored at sea, mainly off Europe, which are estimated to hit 100 million barrels by January.

“Noble has time-chartered the Torm Mathilde for about six to eight months starting next month, using it to float gas oil off Europe,” said a shipping source.

“The vessel left Taiwan a few days ago and is now on its way to UKC.”

Trading sources said this was Noble's first gas oil cargo to Europe.

“This is one of many firsts for Noble. It is also the company's first move to do storage in their energy business,” said another trader.