Singapore: Due to slack demand and extortionate storage prices many bunker traders in Singapore are seeking alternative places to carry out their business.
Reuters reports that both BP and Swiss trader Gunvor Group are giving up their fuel oil storage space at the giant 2008-opened Universal Terminal in Singapore. They are just the latest in what has been an especially turbulent 12 months for bunker traders in Singapore, the world’s top bunkering hub. With VLCC rates so low, and Singapore land prices so astronomical many are choosing storage at sea. [03/01/13]