Singapore market dips on capacity rise
A sharp increase in independent storage capacity has taken some of the fizz from the Singapore business, but logistical demand has been strong so far
THE SINGAPORE oil-storage business has just seen its largest increase in capacity since the independent terminals were set up in the early 1980s. In the past year, two new terminals have opened their tanks, bringing operators Chemoil and Hin Leong to a business dominated by long-established Vopak, Oiltanking and Kuo. Another new entrant, Horizon Singapore Terminals (HST), opened its terminal in 2006. The two start-ups, together with expansions at existing terminals, have raised the country's independent storage capacity for petroleum by 71% – from 4.730m cubic metres (cm) a year ago to 8.088m cm now. The figures exclude floating storage in moored tankers and the independent use of the oil co
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