Vitol has expanded its global bunkering footprint with a deal to take over the operation of the bunker supply business at a terminal in the Caribbean.
The trader and shipowner will operate the facility under a “long-term strategic relationship” with GTI Statia. Financial terms were not disclosed.
GTI Statia, which is owned by US private equity firm Prostar Capital, is located on the island of St Eustatius, close to the islands of St Maarten and St Kitts & Nevis.
It describes itself as “one of the largest bulk liquid storage terminals in the Caribbean” and has a storage capacity of more than 14m barrels.
The terminal comprises six vessel berths, including a single-point mooring buoy, and is said to be one of the only terminals in the region with sufficient water depth to handle fully-laden VLCCs and ULCCs.
GTI Statia can handle fully-laden VLCCs and ULCCs
“The strategic relationship with Vitol allows the parties to leverage GTIS' [GTI Statia] highly flexible infrastructure and Vitol's global marketing network to expand the GTIS bunker market while continuing to provide high-quality service to its existing customer base,” Prostar Capital said in a statement.
Vitol, which is one of the world’s largest energy traders, is described as a “significant customer” at GTI Statia and Prostar's other storage terminals globally.
“This new initiative will strengthen our relationship with Vitol and will be immediately accretive for both organisations while bringing significant value to GTIS' customer base in the regional bunker market,” Prostar Capital senior managing director Dave Noakes said.
In March this year, Prostar Capital announced that it was investing up to $100m to expand and upgrade operating capacity at GTI Statia.
The funds are set to be spent over the next two years on tank upgrades, jetty and marine infrastructure improvements at the facility that was acquired in July 2019.
In April, Vitol announced a major expansion into the Singapore bunker market with the acquisition of Sinanju Tankers Holdings.
The deal saw it takeover a fleet of 15 modern bunker tankers including the 7,990-dwt Marine Vicky (built 2019) — Singapore’s first LNG-powered dual-fuelled bunker tanker.
Vitol owns and charters ships and at any one time is said to have 250 ships at sea. In 2019, it chartered 6,962 ship journeys.
It also claims to be the largest spot charterer in the world and manages a fleet of about 100 time-chartered vessels, mainly through its Mansel subsidiary.
