Vitol has taken full control of its asphalt tanker joint venture with US partner Sargeant Marine.

The trader and shipowner has bought 50% of VALT to give it a 100% holding.

VALT has been fully integrated into Vitol’s core trading operations and is led by Nick Fay, head of asphalt.

It will trade solely under the Vitol name.

The group said on Wednesday it will run nine specialised tankers, down from 11 when it announced its intention to buy out Sargeant in March.

"The acquisition has enabled Vitol to become a leader in the trading, storage and marine transportation of asphalt products around the world," the company added.

The vessels handle 1.4m tonnes of asphalt per year, managed from hubs in Asia, Europe and the US.

No financial details have been disclosed.

VALT was formed in 2016. The deal was originally expected to close in the second quarter.

The fleet now consists of vessels ranging from 9,000 dwt to 46,000 dwt, built between 2004 and 2018.

Vitol's Latvian Shipping unit manages some of the fleet.