Trafigura buys Gearbulk’s stake in HHT, orders IMO II tanker

Global commodity trading group Trafigura has completed the acquisition of Gearbulk Holding’s 50 percent share in joint venture company High Heat Tankers (HHT).

In addition to acquiring the stake, the company ordered a newbuild 17,500 dwt IMO II specialised high heat tanker to support the acquisition of HHT’s services. The vessel, which is slated for delivery in the third quarter of 2026, will be built by Chengxi Shipyard China.

“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.

“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,” stated Jonathan Kindon, Chartering Director for HHT.

HHT was established in 2018 between Gearbulk and Trafigura Group company Puma Energy Supply and Trading to provide access to the largest pool of modern IMO II high heat tankers.

The pool currently consists of 14 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.

According to the company, 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.

Consequently, this allows tanks to expand due to the high temperatures without coming into contact with the hull’s inner side. The thick insulation of the cargo tanks significantly reduces the energy required to heat them, the partners stated.

“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 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,” concluded Kristian Jebsen, Chairman of Gearbulk.

Recently, Trafigura signed a contract for four medium gas carriers (MGC) that will be capable of using low-carbon ammonia as a propulsion fuel when delivered. The vessels will be built at HD Hyundai Mipo shipyard, an affiliate of HD Korea Shipbuilding & Offshore Engineering (HD KSOE), in Ulsan, South Korea.