Singapore's oil trading, bunkering sectors face slump in demand: Experts

Tin HOT



It’s rough seas ahead for Singapore’s oil trading and bunkering sectors. Experts expect the slump in demand and oil prices to drag out for the rest of 2020. They said oil trading firms will struggle to make a profit. One clear casualty is local firm Hin Leong, which is understood to be seeking delays in debt payments worth billions. The oil price crash blew a hole in the balance sheet of one of Singapore’s biggest shipping fuel suppliers. Sources CNA spoke to said Hin Leong and its subsidiary Ocean Tankers are now seeking a six-month debt moratorium.

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5 thoughts on “Singapore's oil trading, bunkering sectors face slump in demand: Experts

  1. Many businesses will collapsed and many people will lose their job very soon. We can expect massive home foreclosure in the days ahead.

  2. Business growing too big is difficult to control once the life line stop flowing in and banks start taking away the umbrella like now. Look at banks, do you think they can survive if there is a run ?

  3. Every other news reporting that the company tried to gamble with book keeping and your news is trying to cover up the scam. Not sure why? Mr. Lim should be held accountable and make him pay what he owe to the foreign banks. After all he is among the richest in Singapore.

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