Cargill, Hafnia launch Seascale Energy joint venture

Cargill’s ocean-transportation business has joined forces with tanker-shipping company Hafnia to launch Seascale Energy, a joint venture, combining Cargill’s existing bunker business, Pure Marine Fuels, and Hafnia’s Bunker Alliance.

By combining the strengths of two global players, Seascale Energy aims to set a new standard for marine fuel procurement by delivering considerable cost efficiencies, transparency and access to sustainable fuel innovations, according to the companies.

By consolidating bunker-purchasing volumes, Cargill and Hafnia said the venture will secure even more competitive pricing and terms while providing tailored procurement solutions to meet its customers’ diverse needs.

It will also offer an expanded global port network, giving customers a consistent, high-quality fuel supply worldwide.

“Cargill and Hafnia’s global reach and trading strength, coupled with maritime operational excellence, create a first-class solution for bunker management,” said Jan Dieleman, president of Cargill’s ocean-transportation business. “Our vision is to lead the energy transition in shipping, unlocking value for our stakeholders while addressing industry challenges around transparency, quality and decarbonization. Together, we are shaping a more sustainable future for marine fuel procurement.”

The joint venture offers shipowners and charterers improved transparency and scale, enabling them to secure competitive deals and benchmark performance.

Tailored procurement services will reduce internal costs, freeing resources for customers to focus on their core operations, the companies stated.

“Seascale Energy represents our shared vision to simplify and innovate the increasing complexities in the bunkering segment,” said Hafnia CEO Mikael Skov. “As one of the largest services of its kind, led by two large-scale fuel users, we are committed to improving efficiency and addressing industry challenges to benefit our stakeholders across the maritime sector.”

According to Cargill and Hafnia, the joint venture will rely on data-driven insights for optimized decision-making and serve as a center of expertise for navigating evolving fuel regulations and technologies.

Seascale Energy will initially represent close to 7.5 million metric tons in bunkering volume and will further its strong growth aspirations to increase scale.

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 of Cargill and Peter Grünwaldt with Hafnia).

Business operations will begin 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.