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Vitol: Navigating Sustainable Seas

Shipping is expected to produce up to 13 per cent of global greenhouse gas emissions in the next few decades if no actions are taken today. Considering its role in global trade logistics, innovative solutions are needed to help the industry decarbonise. As a global maritime hub and one of the world's largest bunkering ports, Singapore is playing a key role in maritime decarbonisation. The Maritime and Port Authority of Singapore (MPA) sets out to have all new harbour craft operating in Singapore's port to be fully electric or compatible with net zero fuels by 2030. In line with MPA's drive towards sustainable shipping, V-Bunkers – a local bunker operations company that is a subsidiary of Swiss-based energy company Vitol Group, has launched Singapore's first two electric-hybrid bunker tankers. Electric-hybrid bunker tankers are powered by advanced lithium-ion batteries and paired with a highly automated power management system – an energy efficient alternative to conventional generator-equipped engines. Vitol Group has a partnership with UOB stretching back over 30 years. Beyond traditional trade financing, the Bank also supports Vitol's diverse financing needs, ranging from regional mergers and acquisitions, to green and transition financing initiatives like these hybrid bunkers tankers. As Vitol sets its sights on sustainable fuels, UOB continues to support Vitol and the maritime industry's green push. With comprehensive solutions tailored to clients' needs, UOB's "One Bank" approach connects businesses to growth opportunities in the region, and beyond.