Germany's Hoyer Group is targeting a global expansion of its bunker business with a new ship and a new recruit, despite what it calls challenging times.

The company said it has formed subsidiary Hoyer Marine Trading (HMT) to handle international sales.

The newest addition to the Hoyer fleet of nine tankers is the 1,600-dwt bunker vessel Vissel (built 2007), chartered in from Estonian owner Vaggen.