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Singapore coastline packed with ships full of oil no one wants

As many as 60 tankers full of oil are currently waiting out the global oil slump in a narrow waterway off the coast of Singapore.

Archive photo of tankers off Singapore in 2016. | Photo: Reuters Staff/Reuters/Ritzau Scanpix

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.

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