Oil trader Hin Leong owes $5.47b to 23 banks

Submitted By:  Clarist Zablan Case Study:  No The pandemic has led to a slump in oil prices. Singapore oil trader Hin Leong Trading, which has begun talks with lenders to extend its credit facilities, owes $5.47b (US$3.85b) to 23 banks, two industry sources told Reuters on Thursday. The coronavirus pandemic has led to an unprecedented slump in fuel demand and hammered oil prices, making it difficult for trading firms to make a profit. Hin Leong is one of the largest fuel traders in Asia and an operator of a major tanker fleet. read more