28OCT2019 - NEWS - Marine fuel floating storage builds in Asia ahead of new shipping rules

Stockpiles of low-sulphur marine fuels held in floating storage around the Singapore trading and pricing hub are steadily growing ahead of a 2020 global deadline for rules that have shaken the global oil refining and shipping industries.

A total of 32 ships, mostly supertankers capable of carrying 300,000 tonnes or more of oil, are currently anchored in Malaysian waters near Singapore accumulating stores of IMO-compliant fuels on board, according to data released by intelligence firm Kpler on Thursday.

Kpler estimates total fuel oil floating storage at 5.765 million tonnes and a total 4.455 million tonnes of compliant fuel oil in floating storage.