SINGAPORE's domestic oil exports fell 46.7 per cent in February year on year after another plunge of 33.3 per cent in January as low oil and the ghost of the OW Bunker scandal haunted local markets.
In the release of official monthly trading figures, no mention was made of the fall-out from the rogue trading scandal in which major world bunker supplier OW Bunker, filed for bankruptcy after market irregularities produced stupendous losses.
International Enterprise (IE) Singapore would only say: "The decline was mainly due to lower sales to Malaysia (-54.1 per cent), the European Union (76.4 per cent) and Indonesia (54.9 per cent). In volume terms, oil domestic contracted by 15.5 per cent in February in contrast to a 15.9 per cent increase the previous month."
OW Bunker filed for bankruptcy after posting losses of US$125 million at its Singapore-based subsidiary Dynamic Oil Trading.
For 2014 OW Bunker Far East (Singapore) Pte Ltd was ranked as the 11th biggest supplier by volume in Singapore.
Earlier this week, news came that OW Bunker's best hope, an outside purchase of the company, has came nothing, despite significant interest, Danish media reported.
Pernille Bigaard, partner at law firm Plesner and a trustee for the bankrupt group, said the group's bank debt alone ran to US$700 million.
Even at a greatly reduced level, to resume operations a purchaser would have needed between $200 million and $300 million in operating cash flow, she said.
Vancouver's Ship & Bunker reported that OW Bunker trustees were said to be ready to fight banks ING and BNP Paribas in court over $71 million worth of inventory sale
Singapore's non-oil domestic exports declined 9.7 per cent in February year on year after rising 4.3 per cent in January, reported the official trade agency International Enterprise (IE) Singapore.
All major export markets contracted except for South Korea, the US, Thailand and Malaysia in February with Greater China and Japan contracting the most.
But February's non-oil re-exports were up 0.9 per cent year on year after a 12.7 per cent increase in January because of a boom in electronic re-exports.
Total trade contracted 18.2 per cent in February year on year, following a 7.2 per cent in January, with exports falling 16.1 per cent after a 1.6 January drop. Total imports were off 20.5 per cent after a 13.4 decline the month before.
WORLD SHIPPING
19 March 2015 - 10:06
Singapore oil exports plunge 47.7pc as OW Bunker haunts market
SINGAPORE's domestic oil exports fell 46.7 per cent in February year on year after another plunge of 33.3 per cent in January as low oil and the ghost of the OW Bunker scandal haunted local markets.
WORLD SHIPPING
19 March 2015 - 10:06
Singapore oil exports plunge 47.7pc as OW Bunker haunts market
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