Vitol unit Valt sells two bitumen tankers

Trading firm Vitol's bitumen trading, storage and transportation unit Valt has sold two of its tankers to UAE-based firms that will operate them in the Mideast Gulf and Asia-Pacific.

The 6,725 deadweight tonne (dwt) bitumen tanker Asphalt Spring - renamed Global King 1 - has been sold to Dubai-based Prime Tankers LLC, and the 6,854 dwt Asphalt Summer has been sold to Sharjah-based bitumen trading and supply firm Richmond Group. The tankers were built in 2007.

Valt put the two tankers up for sale early last year, when it added the 36,950 dwt Asphalt Synergy to its global bitumen tanker fleet. During the last couple of years a number of smaller bitumen tankers have been sold or put up for sale. A wider switch to medium-sized 10,000-15,000 dwt and larger 30,000 dwt-plus tankers has resulted in challenging market conditions for the 3,000-8,000 dwt sector.

Vitol in March took full control of its 50:50 joint venture with US-based bitumen trading, shipping and terminals group Sargeant Marine.

The Global King 1 most recently delivered a cargo from Izmit, Turkey, to Karachi, Pakistan. It is scheduled to arrive at Haldia on India's east coast tomorrow. Richmond will rename the Asphalt Summer the Asphalt Express. It will load its first bitumen cargo at a Greek or Turkish terminal for delivery east of Suez.

Valt officials were unavailable for comment on the tanker sales.