SIBCON 2024: Vitol anticipates securing LNG bunker licence in Singapore
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by Admin
Energy trader Vitol’s Head of Asia Mike Muller on Wednesday (9 October) said the company is anticipating being granted a LNG bunker licence in Singapore soon.
“It would be unthinkable not to deploy at least one of the three barges Vitol has on order in Singapore,” he said.
Mike Muller made the announcement during the Viewing the Energy Transition Through the Lens panel discussion at the 23rd Singapore International Bunkering Conference (SIBCON).
“We expect to see growth in LNG use as a bunker fuel for at least another decade, and probably longer,” he added.
On the increasing uptake of biofuels, he said Vitol is seeing demand for biofuel blended bunkers in Singapore roughly doubling every year at the moment, heading for around 1 million mt this year and maybe 2 million mt next year.
“Demand for 100% biofuel from shipping customers is also starting to pick up as of this year and we have led the way in commissioning new IMO type 2 barges to fulfil this demand – indeed an important Asian customer of ours has taken three deliveries of B100 UCOME biofuel just in recent weeks here in Singapore,” Muller explained.
Manifold Times previously reported Vitol securing three LNG Bunkering Vessels (LNGBV) through its shipping company, Vitol International Shipping Pte Ltd (VIS).
The vessels were secured via a seven to ten 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.
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.
Related: Vitol secures LNG bunker vessel trio with time charter deal and newbuilding order
Photo credit: Vitol
Published: 11 October, 2024
