Singapore Coastline Packed With Ships Full of Oil No One Wants
- About 60 ships idling off Singapore, up from usual 30-40: IHS
- Fuel hoarded in wider area of Malacca Strait up 45% m/m: Kpler
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A narrow waterway off Singapore has become even more congested as oil-laden tankers wait out a slump in global fuel consumption that’s crimped demand and boosted the use of ships to store cargoes.
About 60 clean fuel tankers are currently anchored along the busy strait, up from the usual 30-40 ships, according to Rahul Kapoor, head of commodity analytics and research at IHS Markit. Some vessels are being used to hoard fuel at sea as onshore tanks fill up. Others are probably parked, waiting to be redirected to any willing buyer across Asia and the world as the coronavirus pummels economies worldwide.