Vitol, the world’s largest independent oil trader, is modernizing and further expanding its fleet.
Vitol has ordered four LR2 product tankers from Dalian Shipbuilding Industry Corporation (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC), at a price of about US$72.5 million each, for a total order value of about US$290 million (RMB 2.104 billion), which is expected to be delivered in the second half of 2026, according to Trade Winds.
This is the second new shipbuilding order that DSIC has made public in the tanker market this month. During the Posidonia 2024, DSIC, together withChina Shipbuilding Trading (CSTC), officially signed a construction contract for two liquefied natural gas (LNG) dual-fuel very large crude carriers (VLCCs) with Capital Maritime & Trading (Capital) of Greece. The order is an option for 4+2 LNG dual-fuel powered VLCCs signed by the two sides in January this year, with a single-vessel cost of about US$140 million and a total value of about US$840 million for the six VLCCs, which will be delivered from the end of 2026 onwards.
It is reported that Vitol had placed an order with Shanghai Waigaoqiao Shipbuilding (SWS), a subsidiary of CSSC, for 2+2 115,000 dwt LR2 product tankers in March 2023, with the cost for each ranging from US$62 million to US$63 million, and the first two are scheduled for delivery in 2025, with traditional marine fuels equipped with desulphurization devices.
This is the second time that Vitol has placed an order with a Chinese shipyard after more than a year.
In addition, Zhejiang Shenzhou Shipbuilding has built the first biofuel-specific bunkering barge “Marine Future” for Vitol Bunkers, a subsidiary of Vitol, and delivered it to operation in February this year.
According to Clarkson, Vitol Bunkers has two 8,285 dwt and three 8,000 dwt bunkering barges under construction at Shenzhou Shipbuilding, which are expected to be delivered in 2024 and 2025.