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

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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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