A look at troubled energy trader Hin Leong, to which banks have an exposure of US$3.85bil, makes us wonder how many more of such cases are lying hidden, ready to explode anytime. (A view of Hin Leong's Pu Tuo San VLCC supertanker in the waters off Jurong Island in Singapore, July 11, 2019. Picture taken July 11, 2019. - Reuters.)
THE world is “drowning in oil”. This is so often heard nowadays that one wonders how long it will take to soak up all that glut, as prices for US crude plunged to below zero.
Tankers with no storage space to unload the oil, are left afloat on the ocean, filled with the once precious commodity that had cost above US$100 per barrel.
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