Vitol orders VLGC pair at Hyundai Heavy

Oil trader Vitol has signed shipbuilding contracts with South Korea’s Hyundai Heavy Industries (HHI) for the construction of two 84,000 cu m VLGCs.

The ships are expected to be delivered in the first half of 2019, and Vitol has the option to order six more VLGCs which could see the order value soar to $600m.

Vitol currently owns a fleet of three tankers with an additional three suezmax tankers due for delivery from South Korea’s Sungdong Shipbuilding this year. It also manages a fleet of around 115 vessels on time charter via Mansel and controls 16 tankers in its joint venture Latvian Shipping Company.

In June, Vitol increased its shareholding in Latvian Shipping Company to 70% by acquiring an additional 19.62% shares in the company.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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