Vitol has revealed a strong performance for 2019, but the trader and tanker owner admitted this seems a distant memory as it adjusts to a world dominated by the coronavirus pandemic.

In a trading update, the privately held company said revenue was $225bn last year, with trading volumes rising.

But group chief executive Russell Hardy said 2019 already "seems a very long time ago".

"Today, the world is wrestling with the economic and social challenges of dealing with Covid-19," he said.

"The oil markets, and our business, are necessarily affected. We will navigate these unprecedented times as safely and sensibly as we can, with a determined focus on mitigating the risks to our people and our business."

He added that the outlook is uncertain.

More crude coming to market

"For the oil market, the decline in economic activity will necessarily result in large surpluses of both crude oil and products as the market struggles to balance," Hardy said. "We have the flexibility in our supply and trading business to accommodate the evolving market conditions."

The company pointed to its conservative balance sheet and "unwavering" focus on financial stability as twin strengths in the current economic turmoil.

Volumes rising, with LNG increasingly important

Vitol called 2019's performance "solid".

Traded crude and products volumes were up 8% to 8m barrels per day.

Crude oil volumes increased 10%, gasoil hiked 20% and gasoline rose 13%.

The IMO 2020 fuel regulations impacted demand for high-sulphur fuel oil and these volumes consequently fell 11%, while naphtha continued its struggle for market share against LPG, with volumes dropping marginally.

The company expects "non-oil" to comprise an increasing share of revenue, albeit from a relatively low base.

Vitol boosted LNG volumes by 35% last year.

"Whilst the immediate outlook remains unclear, it is certain that the provision of efficient energy solutions will be an important part of any recovery," Hardy concluded.