Vitol Group is adding three LNG bunkering vessels to its shipping fleet. (Source: Shutterstock)
Vitol Group is adding three LNG bunkering vessels to its shipping fleet, the company announced July 3.
A bunkering boat fuels other ships. Vitol acquired one ship through a charter agreement with Avenir LNG and the other two through an order with shipyard CIMC Sinopacific Offshore & Engineering Co. in China.
The ships will be ready for service starting in 2026.
LNG-powered vessels release about 25% less CO2 than other conventional marine fuels, according to the International Council on Clean Transportation, an environmental study group. Ships can also reduce their environmental footprints by using bio-LNG, a sector in which Vitol is also investing in.
Bio-LNG is created using methane generated by organic waste, such as household garbage and sewage.
“Shipowners worldwide are looking to reduce their emissions,” said Vitol’s LNG head Pablo Galante Escobar in a press release. “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 and traded more than 17 million tons in 2023 through the global market, according to the press release.
Recommended Reading
DOE: ‘Astounding’ US LNG Growth Will Raise Prices, GHG Emissions
2024-12-17 - The Biden administration released Dec. 17 a long-awaited report analyzing the effects of new LNG export projects, which was swiftly criticized by the energy industry.
Chevron Inks 10-Year LNG Import Agreement with Sembcorp
2024-12-05 - Chevron and Sembcorp have agreed to a sale and purchase agreement to import up to 0.6 million tonnes per annum of LNG into Singapore.
FERC OKs Export Capacity Expansion at KMI’s Georgia LNG Plant
2024-11-25 - Kinder Morgan subsidiary Southern LNG’s Elba Island terminal has been granted permission by the Federal Energy Regulatory Commission to go ahead with a 0.4-mtpa production bump.
Excelerate Energy Hits Record on Ship-To-Ship LNG Transfers
2025-01-07 - Excelerate completed 3,000 ship-to-ship transfers onboard a platform in Bangladesh.
Woodside Pushes Louisiana LNG Project Forward with Bechtel Contract
2024-12-05 - Woodside Energy signed a revised engineering, procurement and construction contract with Bechtel, which had already performed work on the project when it was still owned by Tellurian.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.