Banks tighten credit to bunker industry amid fraud and other risks
In the wake of Coastal Oil's US$354m debt, foreign and local banks step up vigilance; analysts warn credit costs could rise by 1 to 6 basis points
Add BT as a preferred source
Angela Tan
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
THE credit-starved bunker sector is feeling the screws tightening further as banks cut their exposure to what they fear is a high risk industry, including instances of fraud.
The Business Times understands that foreign and local banks such as DBS, OCBC and UOB are still offering credit to bunker firms, but have taken an even more vigilant stance in view of what happened at Coastal Oil Singapore.
Copyright SPH Media. All rights reserved.
TRENDING NOW
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
Singaporeans can now buy record amount of yen per Singdollar
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance
