Trading giant Vitol is believed to have deepened its interest in VLCC ownership with the purchase of a tanker from Navios Maritime Acquisition.
Multiple brokers connected the London-headquartered company with the acquisition of the 305,100-dwt Nave Electron (built 2002).
TradeWinds reported last week that New York-listed Navios Acquisition had sold the vessel for a little over $25m as part of an ongoing fleet-renewal effort.
Brokers describe Vitol’s approach to vessel ownership as opportunistic at a time when there is a less clear distinction between shipowners, charterers and financiers.
“Everybody wants a piece of everybody else’s cake,” one broker said.
Vitol has been growing its VLCC exposure and last year inked its first newbuilding order in the sector.
It has four tankers under construction at Hyundai Heavy Industries for delivery in 2020.
Vitol, the major shareholder in Latvian Shipping, has been an active buyer of tankers in the secondhand market as of late.
In January, the trader was believed to have purchased the 157,000-dwt Energy Trophy (built 2018) from Restis company Golden Energy.
In the spring, Vitol snapped up the 115,700-dwt Sea Tanana (built 2018), which was owned privately by John Fredriksen.
This year, Vitol has taken delivery of its first owned VLGCs, which were ordered to its own account in 2017 in what was seen as a classic countercyclical move.
Further expansion of its shipping-related business occurred in March, when Vitol bought full control of a bitumen joint venture it established with Sargeant Marine in 2016.
The deal made it a leader in the trading, storage and marine transportation of asphalt products around the world, with a fleet of 11 specialised vessels.
