Cargill, Hafnia set up new bunker company

Cargill Ocean Transportation, part of American agricultural products giant Cargill, and Singapore-based tanker shipping company Hafnia have decided to create Seascale Energy “to accelerate the transformation of marine fuel procurement services”.

As informed, Seascale Energy, combining Cargill’s existing bunker business Pure Marine Fuels and Hafnia’s Bunker Alliance, will initially represent close to 7.5 million metric tons in bunkering volume.

“Seascale Energy represents our shared vision to simplify and innovate the increasing complexities in the bunkering segment,” Mikael Skov, Hafnia CEO, highlighted.

“As one of the largest services of its kind, led by two large-scale fuel users, we are committed to improving efficiency and addressing industry challenges to benefit our stakeholders across the maritime sector.”

Cargill and Hafnia explained that the new joint venture aims to ensure ‘reliable’ access to ‘high-quality’ marine fuel at competitive prices. This would be achieved by delivering considerable cost efficiencies, transparency, and access to sustainable fuel innovations, according to the partners.

By consolidating bunker purchasing volumes, the venture intends to secure competitive pricing and terms for shipowners and charteres while providing tailored procurement solutions. It will also offer an expanded global port network, enabling a ‘consistent’ fuel supply worldwide.

“Our vision is to lead the energy transition in shipping, unlocking value for our stakeholders while addressing industry challenges around transparency, quality, and decarbonization. Together, we are shaping a more sustainable future for marine fuel procurement,” Jan Dieleman, President of Cargill’s Ocean Transportation business, commented.

Specifically, the joint venture will rely on data-driven insights for optimized decision-making and serve as a center of expertise for navigating evolving fuel regulations and technologies.

Seascale Energy will be owned jointly and equally by Cargill and Hafnia. The new entity will be jointly governed and will operate under a dual-CEO structure (Olivier Josse, Cargill and Peter Grünwaldt, Hafnia).

Business operations are set to commence in the second quarter of 2025 subject to pending regulatory approval.

To remind, Pure Marine Fuels was initially a strategic partnership between Cargill and Danish tanker operator Maersk Tankers that offered marine fuel procurement as a service to tramp shipping companies and trading houses. However, Maersk Tankers abandoned the partnership after acquiring US pool operator Penfield Marine in 2024.