Oil trader Vitol taps into Singapore’s marine fuel market with Sinanju Tankers buy
Global energy trader Vitol said it acquired Singapore-based bunker tanker company Sinanju Tankers Holdings, gaining a foothold in the world’s top marine refueling hub.
The deal adds 15 Singapore flagged bunker tankers to Vitol’s fleet.
Vitol is the latest commodity trader to enter a market that is being increasingly dominated by integrated companies with a role across the supply chain at the expense of smaller specialist firms that provide marine fuels.
Reuters reported in February that trading companies Mercuria, Trafigura and United Arab Emirates-based GP Global had applied for licenses to supply marine fuel to ships in Singapore.
The city-state accounts for about 20% of a global ship refueling market that sells fuel worth tens of billions of dollars a year.
Source: Reuters (Reporting by Shanti S Nair in Bengaluru; Editing by Anil D’Silva)