Vitol Sa News

Brazilian federal prosecutors on Thursday charged 12 people in connection with an alleged bribery scheme meant to benefit the giant oil trader Vitol SA at the expense of Brazil's state-led oil firm Petroleo Brasileiro SA.Those charged include former Petrobras employees and middlemen who prosecutors allege worked directly with top executives at Vitol. Calls to Vitol's Rio de Janeiro office rang unanswered on Thursday. Last week the company told Reuters it would work with investigators, and that it had a zero-tolerance policy on corruption. (Reuters reporting by Brad Brooks; editing by Jonathan Oatis)

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals.The United States has become a major crude exporter…

The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval SpA di Navigazione, the owner of the ship, for $32.5 million. Iraq claims the cargo was unlawfully misappropriated by the Kurdistan Regional Government and sold to Vitol to be loaded onto the "Neverland." Vitol declined to comment. The court action, dated June 29, is…

Swiss trader Gunvor Group Ltd is joining a chorus of trading houses in exporting U.S. crude, marking the latest cargo to leave U.S. shores just months after Congress lifted its four-decade ban on exports. Gunvor will be lifting domestic sweet crude on an Aframax vessel from Freeport, Texas, in April, a company spokesman said on Thursday. It will be Gunvor's first U.S. export. He did not specify the exact date for the export, but said the cargo will go to Panama, where the company owns a stake in a storage facility. With crude stocks hovering at record levels both at the U.S. storage hub of Cushing, Oklahoma, and nationwide, and a deepening contango, traders have started running the numbers on how to make exports economical.

Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2013. The company raised $140 million of gross proceeds in its initial public offering (IPO) of common stock, par value $0.01, which closed on August 6, 2013. In connection with its IPO, the company listed its common stock on the  New York Stock Exchange and trading commenced on August 1, 2013. Signed contracts for the construction of ten newbuildings at yards in South Korea and Japan which are expected to be delivered in 2014 and 2015 for a total of $319.8 million, increasing the Ardmore fleet to 20 ships consisting of eight vessels in operation and 12 vessels on order.

MC Shipping Inc. has agreed to acquire a liquefied petroleum gas (LPG) vessel from a subsidiary of Vitol SA, a major international oil and gas trading company. The vessel, Keswick, is built in 2003 and has a capacity of 11,000 cbm. The vessel is expected to be delivered at the end of June 2008. Simultaneously with the purchase, she will be time-chartered back to Vitol SA for a minimum period of three years. The Company expects to finance the acquisition with a combination of bank debt and internal cash resources. The company will not be paying any of the purchase price until 2008. The company also announced that its associate, MUNIA Mobiliengesellschaft mBH & Co. KG ("MUNIA"), has agreed to sell its container vessel, Maersk Belawan to a third party for a gross consideration of $13.15m.

MC Shipping Inc., said it bought three vessels from the Komaya Group of. The AP reported that the company plans to fund the purchases with current cash and credit. MC Shipping expects the vessels to add about $10.5 million in revenue during their first full year of operation, as well as about $6.3 million in earnings before interest, taxes, depreciation and amortization. MC Shipping will put the tankers on charter with Vitol SA, an oil and gas trading company, for periods of up to three years after delivery in August. The vessels, built between 1995 and 1997, will reduce the overall age the company's fleet and bring the number of tankers under full or partial ownership to 22 of which 18 are LPG carriers. Source: AP

Negotiations are under way between the Canaveral Port Authority and international petroleum firm Vitol S.A. Inc. to build and operate a major fuel storage terminal and pipeline on a 30-acre site on the north side of Port Canaveral. The $120 million project will serve the shipping industry as well as boost oil and gasoline supplies in Central Florida with the construction of a 50-mile fuel pipeline from Port Canaveral to Orlando International Airport. Vitol has fuel distribution, terminal and refinery operations in a number of countries. Upon completion of a detailed marketing plan and long-term lease negotiations, the company hopes to start construction at Port Canaveral by the middle of next year.

A Cypriot tanker is being been detained in the eastern Canadian province of Newfoundland after a reported collision between a cargo ship and a U.S. trawler off the coast of Massachusetts killed three fishermen, the U.S. Coast Guard said on Wednesday. The sinking of the U.S. fishing boat Starbound, which happened on Sunday night, was first reported by the Lloyds Shipping wire service out of London. Canadian television showed footage on Wednesday of what it said were gouges on the side of the tanker Virgo and of a hearse driving away from the dock after the ship was detained. The U.S. Coast Guard is leading the investigation into the incident and one U.S.