Asian traders unload floating petrol due to price change, cheaper land storage

Singapore

THE number of tankers storing petrol in waters off Singapore and Malaysia is dwindling as the fuel is sold off or shifted to cheaper onshore storage because of changes in forward delivery terms, traders familiar with the matter said.

With the economics of storing the fuel on tankers no longer viable due to a stronger forward market, there are now fewer than three long-range (LR) vessels holding petrol in the area.