- Trafigura acquired full ownership of High Heat Tankers (HHT), a leader in the specialized high heat tanker market.
- Trafigura also ordered a new vessel to add to HHT’s existing fleet of modern tankers. HHT focuses on long-term contracts to transport liquid pitch for aluminium smelters.
- This acquisition strengthens Trafigura’s position in the high heat tanker market and allows HHT to offer continued reliable and efficient service to its customers.
In a move solidifying its presence in the specialized high heat tanker market, Trafigura Group (Trafigura) has acquired the remaining 50% stake in High Heat Tankers Pte Ltd (HHT) from Gearbulk Holding AG (Gearbulk). This acquisition makes Trafigura the sole owner of HHT.
Expanding HHT’s Fleet
Trafigura’s commitment to the high heat tanker segment extends beyond the acquisition. The company has placed an order for a new 17,500 dwt IMO II high heat tanker with Chengxi Shipyard China, scheduled for delivery in the third quarter of 2026. This new vessel will bolster HHT’s existing fleet of 14 modern and energy-efficient tankers, ranging from 15,000 to 37,000 dwt.
Focus on Long-Term Partnerships with Aluminium Smelters
HHT has carved a niche in transporting liquid pitch through long-term contracts of affreightment (COAs). Their core clientele includes aluminium smelters located primarily in the Middle East, West Coast Canada, and Asia. The company’s tankers are equipped with advanced heating systems, ensuring the cargo remains liquid during transport for safe and efficient delivery.
Industry Leaders Comment on the Acquisition
Commenting on the acquisition, Andrea Olivi, Global Head of Wet Freight for Trafigura, stated, “This decision demonstrates our long-term commitment to the specialized high heat tanker segment with the most modern and energy-efficient vessels available.”
Benefits for Customers Highlighted
Jonathan Kindon, Chartering Director for HHT, emphasized the benefits for customers, saying, “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.”
Gearbulk Explains Divestiture and Ensures Continuity
Kristian Jebsen, Chairman of Gearbulk, provided context for the divestiture, stating, “This is a natural development of the successful collaboration between our companies since HHT was formed in 2018. Gearbulk is focusing on renewing its core open hatch dry bulk fleet and has chosen to divest in HHT, which includes the transfer of Gearbulk’s three IMO II specialized tankers currently on time charter to HHT.” Gearbulk Norway AS will retain full technical ship management of these three tankers, ensuring continuity in safety, quality, and crew operations.
Looking Ahead: HHT Poised for Continued Leadership
The acquisition process includes the transition of former HHT employees from the joint venture to Trafigura’s Dubai office. With full ownership and a new vessel on the horizon, Trafigura positions HHT for continued leadership in the high heat tanker market, offering its customers a reliable and efficient transportation solution for years to come.
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Source: Trafigura
