The Trafigura Group has successfully acquired Gearbulk’s 50 percent share in the joint venture company High Heat Tankers (HHT).
The strategic move marks a significant milestone in Trafigura’s long-term commitment to enhancing its specialized high heat tanker segment.
Trafigura is also commissioning construction of a new 17,500 dwt IMO II specialized high heat tanker from Chengxi Shipyard in China, with delivery planned in Q3 2026.
HHT was established in 2018 by Gearbulk and Trafigura’s Puma Energy Supply and Trading Pte. Ltd. The joint venture aims to offer access to the largest fleet of modern IMO II high heat tankers globally, comprising 14 top-tier tankers (15,000 to 37,000 dwt) designed for transporting high heat products like liquid pitch (resin) and bitumen. The company focuses on long-term contracts of affreightment (COAs) and aims to build and maintain long-term partnerships with aluminium smelters primarily in the Middle East, the West Coast of Canada, and Asia.
The fleet uses a high-efficiency heating system with insulated, segregated ‘floating’ cargo tanks that expand without contacting the hull, reducing the energy needed for heating.
“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.
Kristian Jebsen, Chairman of Gearbulk, said the divestment in HHT is part of strategy focussing on renewing Gearbulk’s core open hatch dry bulk fleet. “This includes the transfer of Gearbulk’s three IMO II specialized tankers currently on time charter to HHT. Gearbulk Norway AS will retain full technical ship management of three HHT tankers, ensuring a high focus on safety, quality, and crew continuity,” he said.
The price tag of the acquisition was not disclosed.
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