Singapore coastline packed with oil tankers amid slump in oil consumption

Singapore coastline is packed with oil-laden tankers amid a slump in global fuel consumption. The fall in consumption has resulted in reduced fuel demand and increased the use of ships to store cargoes. About 60 fuel tankers are anchored at the coastline, up from the usual 30-40 ships, said Rahul Kapoor, head of commodity analytics and research at IHS Markit.