Vitol Secures Three Bunkering Vessels As Shipowners Turn To LNG To Reduce Marine Fuel Emissions
Liquefied natural gas (LNG) trading company, Vitol, has secured three LNG Bunkering Vessels (LNGBV) through its shipping company, Vitol International Shipping Pte Ltd (VIS). The vessels were secured via a seven- to 10-year 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 emissions regulations.
The time charter agreement with Avenir is for one newbuild 706,293 ft.3 (20,000 m3) 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 10 years in total. Vitol also ordered one 441,433 ft.3 (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.
“Shipowners worldwide are looking to reduce their emissions,” said Pablo Galante Escobar, head of LNG, EMEA gas & power at Vitol. “We are delighted to strengthen our offering to them by investing in LNG/bioLNG bunkering, thereby increasing their options.”
