Hafnia and Cargill establish marine fuel procurement joint venture

Agricultural giant Cargill and tanker shipping company Hafnia have jointed forces to create a 50/50 marine fuel procurement joint venture.

Cargill’s Ocean Transportation business and Hafnia, which owns and commercially manages a fleet of over 200 vessels, team up to launch Seascale Energy, a joint venture, combining Cargill’s existing bunker business Pure Marine Fuels and Hafnia’s Bunker Alliance.

The two partners believe that by consolidating bunker purchasing volumes, the venture will secure even more competitive pricing and terms.

As disclosed, Seascale Energy will be owned jointly and equally by Cargill and Hafnia. The new entity will be jointly governed and will operate under a dual-CEO structure (Olivier Josse, Cargill, and Peter Grünwaldt, Hafnia).

The business operations will start in the second quarter of 2025, subject to pending regulatory approval.

Over 25 team members from Cargill and Hafnia will operate under Seascale Energy from Singapore, Geneva, Copenhagen, and Houston.

The new venture will initially represent 7.5 million metric tons in bunkering volume, and aims to further increase scale in future.

“Seascale Energy represents our shared vision to simplify and innovate the increasing complexities