Singapore’s biggest oil traders, Hin Leong Trading, files for bankruptcy

  
  Analysis

Hin Leong Trading is seeking to restructure debts of almost USD4bn.

  • Hin Leong has debts of $3.85bn
  • The Monetary Authority of Singapore has been in touch with the banks on their exposures, people familiar with the situation said.
  • It is not clear what caused Hin Leong’s financing issues
  • The son of the legendary founder of Hin Leong said the Singapore oil trader hid about $800 million in losses racked up in futures trading
  • suggesting a much bigger hole in the company’s finances than thought, according to people with knowledge of the matter
CL trade is open in the US, oil price is around 3% lower, its lowest since November of 2001.
  • The May WTI contract is expiring 21 April, its down to just above $17 a barrel, lowest for a front-month contract since November 2001
  • WTI June contract is around $24.5 /barrel
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