The Trafigura Group has completed the acquisition of Gearbulk Holding AG’s 50 percent share in joint venture company High Heat Tankers Pte Ltd (HHT) for an undisclosed sum, according to the company's release.
In addition, the Group has committed to a newbuild 17,500 dwt IMO II specialised 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 Pte. Ltd 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.
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.
Puma Energy is a leading global downstream energy business, safely providing energy in more than 35 countries, primarily across central America and Sub-Saharan-Africa.
Trafigura is a leading commodities group, owned by its employees and founded over 30 years ago.