The Dutch Trafigura Group has acquired all shares in High Heat Tankers (HHT), a joint venture with Gearbulk, for an undisclosed purchase price.
At the same time, Trafigura ordered a new 17,500 GT high-temperature tanker to expand HHT. The vessel will be built by the Chengxi shipyard in China and is scheduled for delivery in 2026.
Special tanker for high temperatures
HHT was founded in 2018 by Gearbulk and Puma Energy Supply and Trading, which is part of the Trafigura Group. The shipping company’s fleet consists of 14 specialised tankers (IMO-II) between 15,000 and 37,000 GT, which are intended for the transport of high-temperature products such as liquid pitch or bitumen.
The HHT vessels are equipped with a heating system to store the transported products at high temperatures with insulated cargo tanks. These are completely separated from the rest of the ship’s equipment so that they can expand due to the heat without coming into contact with the ship’s hull. The thick insulation of the tanks significantly reduces the energy required to heat them.
Trafigura wants to expand the high-temperature sector
“This decision demonstrates our long-term commitment to the specialised high-temperature tanker segment,” said Andrea Olivi, Global Head of Wet Freight at Trafigura, calling the fleet the “most modern and energy-efficient” in this sector. The employees of the former joint venture will move to the Trafigura site in Dubai.
Jonathan Kindon, Chartering Director at HHT, called Trafigura’s acquisition a “robust platform from which we can grow our business sustainably.” Partnerships in the Middle East will continue to be served and strengthened.
For Gearbulk, the acquisition does not mean a complete exit from the HHT business. “This is a natural evolution of the successful collaboration between our companies since HHT was founded in 2018,” said Gearbulk Chairman Kristian Jebsen.
“Gearbulk is in the process of renewing its core fleet of open bulk carriers and has decided to acquire a stake in HHT.” This includes the transfer of three specialised tankers that are currently time-chartered to HHT. Gearbulk Norway will take over the complete technical ship management of three HHT tankers, with a focus on safety, quality and crew continuity.
