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Trading house Vitol Inc. is expanding its exposure to the LNG marine bunkering market as demand for cleaner fuels in the shipping sector reaches record levels.
Vitol has signed a seven-year deal with a three-year extension for a 20,000 cubic meter (cm) liquefied natural gas bunkering vessel from Avenir LNG. The charter is expected to start by the end of 2026, when the vessel is targeted to be delivered from a Chinese shipyard.
The independent commodity trader also has ordered a 12,500 cm bunkering vessel and one 20,000 cm bunkering vessel from the Nantong CIMC SinoPacific Offshore & Engineering Co. Ltd. shipyard in China. The vessels would be delivered in 4Q2026 and 3Q2027, respectively.
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