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

BY ELIZABETH LOW, BLOOMBERG

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.

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