Trafigura takes full ownership of High Heat Tankers joint venture

Singapore-headquartered commodities trader the Trafigura Group has completed the acquisition of Gearbulk Holding's 50 per cent share in joint venture company High Heat Tankers (HHT) for an undisclosed sum. In addition, the group has committed to a newbuild 17,500DWT 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 company Puma Energy Supply and Trading to provide access to a 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 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.

The former joint venture employees will transition to Trafigura’s Dubai office.