SEOUL, July 30 (Reuters) - South Korea's Hyundai Heavy Industries Co has won a contract worth up to $600 million from Vitol, the world's largest independent oil trader, for as many as eight gas tankers. The world’s largest shipbuilder signed the contract on Sunday to construct two liquefied petroleum gas (LPG) tankers with a capacity of 84,000 cubic metres each. The ships … [Read more...]
World’s Biggest Oil Trader Says Slump Could Resume as U.S. Supply Grows Dramatically
By Grant Smith (Bloomberg) -- The world’s biggest independent oil trader said crude could resume a slump that saw prices fall 61 percent between June and January, as unrelenting growth in U.S. output leads to a “dramatic” build in the nation’s stockpiles. The oil market seems slightly oversupplied and another downward move is possible in the first half of this year, Ian … [Read more...]
LNG Traders Compete for Cargoes as Volumes Drop for Second Year
Nov. 19 (Bloomberg) -- Exports of liquefied natural gas are contracting for a second year, diminishing the number of available cargoes at a time when companies from Vitol Group to Glencore Xstrata Plc are expanding their trading teams. Global exports in the first eight months were 5 percent lower than a year ago, according to data from Poten & Partners Inc., a New … [Read more...]
Vitol Records Over $300 Billion in 2012 Revenues, “Solid” Says CEO Ian Taylor [UPDATE]
By Emma Farge and Dmitry Zhdannikov GENEVA, Feb 28 (Reuters) - Vitol, the world's biggest oil trader, reported revenues that topped $300 billion for the first time in 2012, while its profit margin was under increasing pressure after slipping below 1 percent to a four-year low the previous year. Revenues rose by 2 percent to $303 billion, despite a slight drop in traded … [Read more...]
Escaping Singapore’s Congestion, Vitol to Sell Marine Bunkers in Malaysia
Vitol Group plans to start sales of marine fuel, or bunkers, to a port in southern Malaysia as it seeks to supply ship owners that moved from Singapore, the world’s second-biggest container port. Vitol Trading Malaysia Labuan Ltd. may sell bunker cargoes to shipping companies at Tanjung Pelepas, in the Malaysian state of Johor, in about six months’ time, … [Read more...]