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Commodities

Singapore oil trader Hin Leong battered by crude crash

Seeks moratorium on $4bn in debt as credit dries up amid pandemic

Singapore is a major Asian hub for energy trading and transport, a sector that has been hit hard by the coronavirus pandemic.   © Reuters

SINGAPORE -- One of Singapore's foremost oil traders, Hin Leong Trading, is now struggling to stay afloat amid a plunge in crude oil prices and greater scrutiny by banks that has left it facing a cash crunch.

The company had by Wednesday submitted a court filing requesting a moratorium on payments on nearly $4 billion in debt, Reuters reported. While Hin Leong has not disclosed the reason for its financial woes, the collapse in oil demand amid the coronavirus pandemic may have squeezed its earnings to the point where repayment became impossible.

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