Asia/Pacific News
Trafigura, Gunvor Take on Hin Leong Storage: Report
Trafigura and Gunvor have taken over storage space in Singapore previously controlled by Singaporean outfit Hin Leong, price reporting agency S&P Global Platts has said.
The move by the two firms has seen them take on fuel oil storage leases held by Hin Leong at the Universal Terminal, according to the report citing market sources.
The storage leases were re-assigned following the latter company's move into court protection.
Trafigura has now increased its storage capacity at Universal Terminal to a total 220,000 cubic metres (cu m) and Gunvor to 240,000 cu m in the third quarter, the report said although it had not been able to obtain confirmation of the move directly from the two oil trading companies.
The drop off in demand for oil products from the global pandemic has led to strong demand for landed storage in the oil products trading hub.
