Connect with us

Business

Vitol turnover up 19% in FY2017 on ‘solid’ performance

Commits to North West Europe bunkering firm Varo Energy’s intention to float on Euronext Amsterdam.

Admin

Published

on

5abaf9b875251 1522203064

Energy and commodities company Vitol posted a 19% increase in turnover during the financial year ended 31 December 2017 (FY2017).

The firm did not release FY2017 net profits but Bloomberg estimated it to be $1.5 billion (-25%) while the Financial Times said it was $1.2 billion (-19%) when compared to the earlier year.

“Vitol continues to perform solidly,” said Ian Taylor, Chairman, Vitol.

“Overall volumes held steady at just over 7 million barrels per day and turnover rose to $181 billion on the back of an increase in the average oil price over the course of the year.

“2017 was a challenging year, notwithstanding robust demand growth of 1.6 million barrels a day. 

“Across the year, the pattern of demand and supply surprised the market, causing prices to dip in H1 2017, before rallying in the latter part of the year.”

Vitol’s crude and product trading volumes (excluding LNG and LPG) fell slightly to 349 million mt (2016: 351 million mt), maintaining an average of over 7 million barrels a day.  

Gasoline volumes fell back to 34 million mt in FY2017 (2016: 44 million mt). The group expects gasoline volumes to increase in the coming years due to the acquisition of Noble Americas.

LPG volumes also fell slightly to 14.3 million mt after strong growth in 2016 while LNG grew commensurately to 7.4 million mt.

Vitol, meanwhile noted its portfolio company Varo Energy announcing its intention to float on Euronext Amsterdam. 

“Since its creation in 2012, Varo has grown to an integrated fuel supply company in North West Europe with a refining capacity of 165,000 barrels per day, 144 distribution outlets, 232 retail outlets and 12 river bunker stations,” notes Taylor.

“Vitol will continue to work closely with Varo on the sourcing of products and crude and intends to remain a shareholder.

Manifold Times earlier reported Cockett Marine Oil, another portfolio company of Vitol, retuning to profit during 2017.

Related: Cockett Marine Oil returns to profit during 2017
Related: VARO Energy to launch IPO on Euronext Amsterdam

Photo credit: Vitol
Published: 28 March, 2018

 

Continue Reading

Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

Admin

Published

on

By

300

Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

Continue Reading

LNG Bunkering

Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation

Landmark event involved the CMA CGM Monaco, a 14,024 TEUs containership operated by French shipping giant CMA CGM.

Admin

Published

on

By

299

Port of Tanjung Pelepas Sdn Bhd (PTP), a joint venture between MMC Group and APM Terminals, on Wednesday (28 February) announced a significant milestone with the successful completion of its first Liquefied Natural Gas (LNG) bunkering operation. 

The landmark event involved the CMA CGM Monaco, a 14,024 TEUs (Twenty-foot Equivalent Units) capacity containership operated by French shipping giant, CMA CGM.

Tan Sri Che Khalib Mohamad Noh, Chairman of PTP in a statement remarked this latest milestone demonstrates PTP’s commitment to continuously enhance its competitive advantages in an increasingly competitive global market.

“The successful completion of our first LNG bunkering operation also underscores our unwavering commitment to sustainability and environmental leadership. We are proud to partner with Petronas Trading Corporation Sendirian Berhad (PETCO) and CMA CGM on this initiative and showcase PTP’s capabilities as a leading facilitator of clean and efficient maritime operations.”

“This milestone paves the way for further growth in LNG bunkering at PTP, contributing significantly to the decarbonisation of the maritime industry.”

Commenting on this achievement, Mark Hardiman, Chief Executive Officer of PTP stated this latest milestone further highlights PTP’s position as the largest transshipment hub terminal in Malaysia.

“In preparation for the LNG bunkering operation, PTP worked closely since March 2022 with PETCO and CMA CGM, as well as with various other related government agencies to organise table-top exercises (TTX) and workshops, before carrying out the deployment exercise.”

“The success of the bunkering operation is a result of the seamless collaboration and preparations involving rigorous safety procedures through in-depth operational and risk assessments, modelling, and validation. We thank PETCO, CMA CGM all other involved parties for their joint efforts in operationalising the bunkering capability and we welcome partners to work with us to accelerate maritime decarbonisation,” said Hardiman.

Port of Tanjung Pelepas (PTP) is Malaysia’s largest transshipment hub with the capacity to handle 13 million TEUs annually. The port delivers reliable, efficient, and advanced services to major shipping lines and box operators, providing shippers in Malaysia and abroad with extensive connectivity to the global market. PTP is currently ranked 15th among the world top container ports.

 

Photo credit: Port of Tanjung Pelepas
Published: 1 March 2024

Continue Reading

Alternative Fuels

Wallenius Wilhelmsen to order four additional methanol DF PCTCs

Newbuilds will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

Admin

Published

on

By

Wallenius Wilhelmsen PCTC order

Roll-on/roll-off (Ro-Ro) shipping company Wallenius Wilhelmsen on Tuesday (27 February) declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels.

The 9,300 CEU methanol dual fuel vessels can utilise alternative fuel sources, such as methanol, upon delivery. They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

“Together with our customers we are committed to further shaping our industry and accelerating towards net zero. These new vessels are a vital part of that journey,” says Xavier Leroi, EVP & COO Shipping Services.

This latest commitment brings the total number of Shaper Class vessels currently on order with Jinling Shipyard (Jiangsu) to eight. Wallenius Wilhelmsen also retains further options.

The first of the Shaper Class vessels already ordered are expected to be delivered in the second half of 2026. The four additional vessels under the declared options will be delivered between May and November 2027.

 

Photo credit: Wallenius Wilhelmsen
Published: 1 March 2024

Continue Reading
Advertisement
  • RE 05 Lighthouse GIF
  • SBF2
  • Aderco advert 400x330 1
  • EMF banner 400x330 slogan
  • Consort advertisement v2
  • v4Helmsman Gif Banner 01

OUR INDUSTRY PARTNERS

  • Singfar advertisement final
  • Triton Bunkering advertisement v2
  • HL 2022 adv v1
  • 102Meth Logo GIF copy


  • Energe Logo
  • Golden Island logo square
  • E Marine logo
  • Manifoldtimes LogoAdv 300x300px
  • Central Star logo
  • Victory Logo
  • endress
  • MFA logo v2
  • Innospec logo v6
  • SMS Logo v2
  • Headway Manifold
  • 400x330 v2 copy
  • Advert Shipping Manifold resized1
  • VPS 2021 advertisement

Trending