- Corporate News
Vitol announces launch of global bunkering service
Vitol, an energy and commodities company headquartered in Geneva, Switzerland, announced the launch of a global bunkering service called Vitol Bunkers.
Vitol Bunkers will offer ship and fleet owners worldwide access to high quality marine fuels, blended to meet required specifications. Customers will benefit from Vitol’s global reach, infrastructure and commensurate supply capabilities.
“Vitol has for decades been a leading global trader in bunker fuels. Today, we are excited to be extending our services and we look forward to delivering the highest quality marine fuels to new and existing customers, across key locations,” said Vitol Global Bunkering Account Manager Chris Young.
Vitol combines many years of experience trading bunker fuels with its shipping expertise: it charters 6,650 ship voyages a year and has over 250 vessels at sea transporting its cargoes at any one time. Vitol manages its own fleet of vessels through its Latvian-based technical management company, LSC, as well as through a Singapore-flagged fleet offering barging services.
In 2012, Vitol acquired 50% of Cockett Group, an independent specialist marine fuel service, whose operational headquarters is based in Dubai, with 14 offices and 600 service points across five continents. Cockett Group is an international leader and acknowledged value-added reseller of marine fuels, lubricants and petroleum products, with an annual revenue in excess of USD1.5 billion.
Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 16mm3 of storage globally, 480kbpd of refining capacity and 7,000 service stations across Africa, Australia, Brazil, Eurasia and in Northwest Europe. Revenues in 2020 were USD140 billion, down 37% from 2019 revenues of USD225 billion.