Oil trader Hin Leong owes $5.47b to 23 banks

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.

Some of the banks held a call with Hin Leong and its advisers on 14 April to discuss ways to provide short-term trade finance after some banks failed to provide the firm with a letter of credit to buy at least one cargo of oil products.

The firm’s biggest lenders include HSBC, DBS, OCBC, Bank of China, Societe Generale and Standard Chartered, said the second source, who was briefed on the discussions.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia