Total independent storage capacity in Singapore has only grown slightly over the past year, from 11.8 million m3 to 12.2 million m3. Current backwardated market conditions are discouraging inventory builds, however the upcoming IMO2020 deadline is having a noticeable impact on the demand for storage in the Asia Pacific.
Storage operators have started cleaning their tanks and reallocating pipelines in preparation for the change in sulphur specifications in January 2020.
Residual fuel oil storage in Singapore was at 16.9 million barrels at the end of July, up from 16.2 million a year earlier. This is in contrast to declines in light products and middle distillate storage, according to International Enterprise, Singapore.
These topics will be covered at the CPD certified conference programme, that brings together the top terminals, traders, oil majors, analysts and experts.