The leading oil and petrochemicals storage of Singapore is missing out on its potential.
Presently, Singapore's terminals are doing 8 to 10 turns a year but they could optimise by making 12 to 15 turns.
Singapore's onshore storage capacity has not been fully optimised, Howard Pang, general manager at Horizon Singapore, says.
Each terminal can afford to do 12 to 15 turns a year 12 being very comfortable, Pang notes.
Over 5 million m³ of storage capacity was added over three years, putting the current storage capacity on the island-state at approximately 8.1 million m³.
The (storage) industry has overshot a bit, and (capacity) is just a little more than what is required, Pang adds.
The total value of offshore physical oil traded through Singapore doubled to $300 billion (200 billion) in 2008, from about $150 billion in 2005 due in part to the increase in storage space.
Horizon Singapore has a total onshore storage capacity of 1.24 million m³. Of total capacity 60% goes to storing heavy fuel oil, or bunkers, and 40% is dedicated for clean petroleum products.
Saeed Khoory, group chief executive of Emirates National Oil Company (ENOC), owner of Horizon Singapore, indicated earlier this year that his company's terminal in Singapore should be able to achieve 1 to 1.2 turns per month.