The independent energy trader’s bunkerdivision, V-Marine, on Tuesday commenced physical operations in the Port ofHouston, Texas City and Galveston.
The company intends to source productfrom its parent and will service clients with a lone tanker barge, the 20,000-barrel Kirby 20770 (built1980).
Theventure, which is widely expected to expand capacity in the near-term, is ledby industry veteran Steve Leonard, who is based in Palm Beach Gardens, Florida.
In 2012Vitol and its affiliates traded 261 million tonnes of crude oil and petroleumproducts, versus 273 million tonnes 12 months prior, according to report issuedearlier in the day.
Thecompany, which is billed as the world’s largest independent energy trader,chartered 5,495 voyages over the course of a year in which revenues rose to$303bn from $297bn.
In a statement, chiefexecutive Ian Taylor said he expects the shipping market to continue to be “severelychallenged” in the months ahead, particularly in the crude sector.
“On the clean side of the market the outlook is a little brighter as weexpect to see greater products exports out of both the Middle East and the USGulf Coast which may contain the impact of the increase in supply somewhat,”he added.
“We continue to see many opportunities for investment inquality assets which add value to our core trading business and we willselectively expand our portfolio where this makes business sense.”
