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BUSINESS • 20/02/2025 02:58 PM

Cargill, Hafnia Launch Joint Venture To Revolutionise Marine Fuel Procurement

KUALA LUMPUR, Feb 20 (Bernama) -- Cargill’s Ocean Transportation business and tanker shipping firm, Hafnia have teamed up to launch Seascale Energy, a joint venture that merges Cargill's Pure Marine Fuels bunker business and Hafnia's Bunker Alliance.

This collaboration combines the expertise of two major industry players, aiming to establish a new benchmark in marine fuel procurement with enhanced cost efficiency, transparency, and access to sustainable fuel innovations.

By consolidating bunker purchasing volumes, the venture will secure more competitive pricing and flexible procurement solutions to meet customer needs while also expanding its global port network, guaranteeing a consistent, high-quality fuel supply worldwide.

Cargill Ocean Transportation business President, Jan Dieleman emphasised the venture’s commitment to addressing industry challenges related to transparency, fuel quality, and decarbonisation.

“Cargill and Hafnia’s global reach and trading strength, coupled with maritime operational excellence, create a first-class solution for bunker management,” he said in a statement.

Meanwhile, Hafnia Chief Executive Officer (CEO), Mikael Skov highlighted that Seascale Energy reflects a shared vision of simplifying the complexities of the bunkering sector, stating that the initiative would drive efficiency and benefit stakeholders across the maritime industry.

Relying on data-driven insights, Seascale Energy will support optimised decision-making and serve as a hub of expertise for navigating evolving fuel regulations and technologies. It will initially represent close to 7.5 million metric tonnes in bunkering volume and will further its strong growth aspirations to increase scale.

The joint venture, owned equally by Cargill and Hafnia, will be governed jointly under a dual-CEO structure, with Olivier Josse from Cargill and Peter Grünwaldt from Hafnia leading the venture.

Operations are set to commence in the second quarter of this year, pending regulatory approval, with over 25 team members operating from offices in Singapore, Geneva, Copenhagen, and Houston.

-- BERNAMA

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