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Singapore oil traders face credit crunch after Hin Leong fiasco (FT)

Investors and analysts warn that banks are likely to cut their exposure to the industry after heavily indebted oil trader Hin Leong Trading filed for bankruptcy protection. The company has admitted to $800m in undisclosed losses and is the subject of a police investigation.  It is the second Singapore commodities trader to run into financial difficulties in recent weeks as the coronavirus pandemic pummels crude oil demand and prices. “The key question is whether the big trading companies that rely on massive balance sheets can survive at these commodity prices,” said the founder of one macro hedge fund in Hong Kong. “We will probably see a big consolidation where only the top three or four trading