Trafigura Buys High Heat Tankers JV as Gearbulk Continues Transition
The six-year-old partnership between trading group Trafigura and Norway’s Gearbulk is being dissolved as Trafigura moved to take full ownership of the pool operator. The company was launched in 2018 to become the world’s largest pool of specialized high-heat tankers as Gearbulk continues a transition in its structure.
Under the terms of the agreement, Trafigura’s Puma Energy Supply and Trading will acquire the 50 percent interest in High Heat Tankers from Gearbulk assuming full ownership of the operation They did not announce the terms of the acquisition, which includes Gearbulk’s three IMO II specialized tankers currently on time charter to HHT. Gearbulk Norway will retain the full technical ship management of three HHT tankers. Employees of the joint venture will transfer to Trafigura’s Dubai office.
Gearbulk is calling the transaction a “natural development of the successful collaboration.” The 56-year-old company has emerged as the leader in open-hatch gantry crane and jib crane vessels. It operates through its joint venture with Greig Maritime G2 Ocean but last month announced that Japan’s Mitsui O.S.K. Lines would be increasing its ownership stake in the company. MOL said it would consolidate Gearbulk into its operations as Kristian Jebsen and his family will retain a 28 stake in Gearbulk but step back from management.
Gearbulk and Puma established High Heat Tanks as a joint venture to provide access to the largest pool of modern IMO II high-heat tankers in the world. Today, 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 business transports liquid pitch through long-term contracts with a focus on aluminum smelters primarily based in the Middle East, the West Coast of Canada, and Asia.
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. This allows tanks to expand due to the high temperatures without coming into contact with the hull’s inner side. Thick insulation of the cargo tanks significantly reduces the energy required to heat them.
“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.
The companies emphasized the acquisition provides a financial platform for growth. Demonstrating this focus, the group also reported it has committed to a newbuild 17,500 dwt specialized high heat tanker. It will be built by Chengxi Shipyard China to be delivered in the third quarter of 2026 to support the expansion of High Heat Tankers’ operations.