Vitol has revealed that it has secured three LNG bunkering vessels through its shipping company, Vitol International Shipping.
The vessels were secured via a seven to ten year time charter agreement with Avenir LNG Limited and an order for two vessels at the CIMC Sinopacific Offshore & Engineering Co. Ltd shipyard in Nantong, China.
Shipowner and operator Avenir LNG Limited has confirmed the deal with Vitol, mentioning that it executed a time charter party with Vitol International Shipping for Avenir’s first newbuild 20,000cbm LNG bunker vessel.
The time charter to Vitol will commence at delivery from the shipyard in China in the fourth quarter of 2026 and will serve a period of 7 years with options to extend up to 10 years in total.
In April 2024, Avenir announced it had ordered 2 x 20,000cbm LNG bunker vessels with Nantong CIMC Sinopacific Offshore & Engineering which due for delivery in the fourth quarter of 2026 and the first quarter of 2027.
On the other hand, Vitol also confirmed in a statement the order of one 12,500 m3 and one 20,000 m3 LNGBV at the CIMC SOE shipyard in China. The vessels will be delivered in the fourth quarter of 2026 and in the third quarter of 2027 respectively.
It is believed by Avenir that this charter deal with Vitol secures long term sustainable cashflow for the group, and increases the company’s third-party charter revenue backlog including options to over $205 million including options.
