Over 55 tankers are anchored off Singapore Strait

Issued on 27 Apr 20


Over 55 tankers are anchored off Singapore Strait with some being used to store fuel at sea while others are sitting out the Covid-19 pandemic. 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 pandemic pummels economies worldwide.


*Any freight inquiry in SIN, you're welcome to contact our member: Jenkar Freight Services Ships filled with petrol to jet fuel are moving from major refinery hubs such as South Korea and China due to a crash in domestic demand and swelling stockpiles. An oil tanker is seen off Jurong Island in Singapore. About 60 clean fuel tankers are currently anchored along the busy strait, with some being used to hoard fuel at sea and others parked as the Covid-19 outbreak affects the oil market. An oil tanker is seen off Jurong Island in Singapore. About 60 clean fuel tankers are currently anchored along the busy strait, with some being used to hoard fuel at sea and others parked as the Covid-19 outbreak affects the oil market. 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 pandemic pummels economies worldwide. Storage options are dwindling globally as onshore tanks rapidly fill to capacity, prompting traders, refiners and infrastructure companies to seek alternatives such as pipelines and ships. The onshore storage squeeze is being seen across the region. In India, tanks were 95 percent full as of last week as refiners scrambled to find space to hold their excess fuel, even turning to pump stations and depots. In Singapore, fuel stockpiles rose to a four-year high in mid-April. Source: https://www.scmp.com/news/asia/southeast-asia/

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