Trafigura Acquires Gearbulk's Share of JV Tanker Business

Trafigura Group has completed the acquisition of Gearbulk Holding 50% share in joint venture company High Heat Tankers (HHT) for an undisclosed sum.

Aside from the acquisition, Trafigura has committed to a newbuild 17,500 dwt IMO II specialized high heat tanker to be delivered in the third quarter of 2026 from Chengxi Shipyard China to support the expansion of HHT’s services.

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 in the world.

Today, the pool currently consists of 14 high quality 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 aluminium smelters primarily based in the Middle East, the West Coast of Canada and Asia.

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

The former joint venture employees are transitioning to Trafigura’s Dubai office.