Trafigura marks High Heat Tankers acquisition with newbuild order

The companies did not disclose the sums involved in the acquisition deal that sees Trafigura Group take full ownership HHT, a joint venture established in 2018 between Gearbulk and Trafigura subsidiary Puma Energy Supply and Trading. Employees of the former joint venture will be transferred to Trafigura’s Dubai office.

HHT has a pool of 14 tankers of 15,000 to 37,000 dwt suitable for transporting liquid pitch and other cargoes that require heating, including bitumen. High heat tankers use insulated and segregated floating cargo tanks to allow for cargo expansion and reduce the heat required to keep the cargo in a liquid state.

HHT primarily uses long term contracts of affreightment for transportation of liquid pitch with a focus on long term partnerships with aluminium smelters primarily based in the Middle East, the West Coast of Canada and Asia.

The newbuild order announced by Trafigura is for a 17,500 dwt IMO II specialised high heat tanker from Chengxi Shipyard which is slated for delivery in the third quarter 2026.

 “This decision demonstrates our long term commitment to the specialised high heat tanker segment with the most modern and energy efficient vessels available,” said Andrea Olivi, Global Head of Wet Freight for Trafigura.

“Gearbulk is in the process of renewing its core open hatch dry bulk fleet and have chosen to divest in HHT, which includes the transfer of Gearbulk’s three IMO II specialised 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,” concludes Kristian Jebsen, Chairman of Gearbulk.