More Fully Laden LPG Tankers Gather Off Singapore as a flood of supply from the U.S. and Saudi ArabiaAwaiting Buyers

Tankers full of liquefied petroleum gas (LPG) are gathering off Singapore waiting for buyers as a flood of supply from the U.S. and Saudi Arabia has outpaced demand for the fuel, trade and industry sources said on Thursday.

The number of ships congregating near Singapore, a key ship-fueling and oil product trading area for Asia, has surged to over 10 from under seven just five weeks ago, said trading and industry sources that are familiar with the market. Shipping data carried on Thomson Reuters Eikon shows that there are at least eight Very Large Gas Carriers (VLGCs) anchored near Singapore including the Chaparral, Ming Long, Promise, Cratis, British Commerce and Berge Nantong.

LPG was once a tightly supplied market with petrochemical manufacturers competing for the fuel with its main residential and commercial consumers that use it for heating and cooking. Now, the market for the fuel is in a dire state following new supply pouring in from the United States.

https://oilguru.org/2016/08/27/more-fully-laden-lpg-tankers-gather-off-singapore-awaiting-buyers/