Vitol invests in future of LNG bunkering by securing three LNG bunkering vessels
Vitol has secured three LNG Bunkering Vessels (LNGBV) through its shipping company, Vitol International Shipping Pte Ltd (VIS). The vessels were secured via a 7 yr-10 yr time charter agreement with Avenir LNG Limited (Avenir) and an order for two vessels at the CIMC Sinopacific Offshore & Engineering Co. Ltd shipyard in Nantong, China.
LNG enables shipowners to reduce their environmental footprint at competitive price levels. When combined with bio-LNG blending, it also offers shipowners a long-term solution for compliance with increasingly stringent emission regulations.
The time charter agreement with Avenir is for one newbuild 20,000m3 LNGBV. The time charter will commence at delivery from the shipyard in China in Q4 2026 and will serve a period of seven years with options to extend up to ten years in total. Vitol also ordered one 12,500 m3 and one 20,000 m3 LNGBV at the CIMC SOE shipyard in China. The vessels will be delivered in Q4 2026 and Q3 2027 respectively.
Mr. Pablo Galante Escobar, head of LNG, EMEA gas & power, Vitol added: “Shipowners worldwide are looking to reduce their emissions. We are delighted to strengthen our offering to them by investing in LNG/bioLNG bunkering, thereby increasing their options.”
Vitol has traded LNG for 20 years. It is expanding its presence globally and, last year, traded over 17 MMt of LNG worldwide. Vitol has been investing in bio-LNG infrastructure through its subsidiary ViGo bioenergy. It is also one of the world’s leading providers of bunker fuels, through its subsidiary Vitol Bunkers. It is therefore uniquely positioned to provide multi fuel and decarbonization solutions to its customers globally, covering the full spectrum of conventional marine fuels, biofuels, LNG & bio-LNG and also methanol.
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