The Trafigura Group, a leading commodities group, has completed the acquisition of Gearbulk Holding AG’s 50 percent share in the joint venture company High Heat Tankers Pte Ltd (HHT) for an undisclosed sum.
In addition, the Group has committed to a newbuild 17,500 dwt IMO II specialized high heat tanker to be delivered in the third quarter of 2026 from Chengxi Shipyard in China to support the expansion of HHT’s services.
HHT was established in 2018 between Gearbulk and Trafigura Group company Puma Energy Supply and Trading Pte. Ltd. to provide access to the largest pool of modern IMO II high heat tankers in the world. Today, the pool consists of 14 high-quality tankers, ranging from 15,000 to 37,000 dwt, all of which are suitable for transporting liquid pitch and other high heat products such as bitumen.
The HHT business transports liquid pitch through long-term contracts of affreightment (COAs), with a focus on building and maintaining long-term partnerships with aluminum smelters primarily based in the Middle East, the West Coast of Canada, and Asia.
The vessels are built with a high-efficiency heating system to carry the product in liquid form at high temperatures by means of strongly insulated and fully segregated ‘floating’ cargo tanks. This allows the tanks to expand due to the high temperatures without coming into contact with the hull’s inner side. Thick insulation of the cargo tanks significantly reduces the energy required to heat them.
“This decision demonstrates our long-term commitment to the specialized high heat tanker segment with the most modern and energy-efficient vessels available,” said Andrea Olivi, Global Head of Wet Freight for Trafigura.
“The structure of Trafigura’s acquisition provides a financially robust platform from which to grow our business sustainably. It supports our strategy to deliver continuity of business services, increased flexibility, and customer-centric shipping solutions to our long-term industrial partners in the Middle East and beyond,” said Jonathan Kindon, Chartering Director for HHT.
“This is a natural development of the successful collaboration between our companies since HHT was formed in 2018. Gearbulk is in the process of renewing its core open hatch dry bulk fleet and has chosen to divest in HHT, which includes the transfer of Gearbulk’s three IMO II specialized tankers currently on time charter to HHT. Gearbulk Norway AS will retain the full technical ship management of three HHT tankers, delivering a high focus on safety, quality, and crew continuity,” concluded Kristian Jebsen, Chairman of Gearbulk.
The former joint venture employees are transitioning to Trafigura’s Dubai office.
About Puma Energy
Puma Energy is a leading global downstream energy business, safely providing energy in more than 35 countries, primarily across Central America and Sub-Saharan Africa. Our downstream business segments include fuels, aviation, lubricants, LPG, and bitumen. Our purpose is energizing communities to help drive growth and prosperity by sustainably serving our customers’ needs in high-potential countries around the world.
About Trafigura
Trafigura is a leading commodities group, owned by its employees and founded over 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise, and our worldwide logistics network to move oil and petroleum products, metals and minerals, gas, and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure, and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through H2Energy Europe and joint venture Nala Renewables.
The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people, of which over 1,400 are shareholders, and is active in 156 countries.
Source Trafigura