The new joint venture will efficiently meet customer needs worldwide, ensuring reliable access to high-quality marine fuel at competitive prices
SINGAPORE–(BUSINESS WIRE)–Feb. 20, 2025
Cargill’s Ocean Transportation business and leading tanker shipping company, Hafnia, have joined forces 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.
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By consolidating bunker purchasing volumes, 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.
“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.”
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, Cargill and Peter Grünwaldt, Hafnia). Business operations will commence 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.
About Cargill: Cargill is committed to providing food, ingredients, agricultural solutions, and industrial products to nourish the world in a safe, responsible, and sustainable way. Sitting at the heart of the supply chain, we partner with farmers and customers to source, make and deliver products that are vital for living.
Our approximately 160,000 employees innovate with purpose, providing customers with life’s essentials so businesses can grow, communities prosper, and consumers live well. With 160 years of experience as a family company, we look ahead while remaining true to our values. We put people first. We reach higher. We do the right thing—today and for generations to come. For more information, visit Cargill.com and our News Center.
About Hafnia: Hafnia is a leading global tanker company specializing in the transportation of oil and chemical products. As one of the largest tanker owners and operators, Hafnia owns and commercially manages a modern fleet of over 200 vessels, ensuring safe, efficient, and responsible shipping solutions. Hafnia offers a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker desk.
With a commitment to operational excellence, sustainability, and innovation, Hafnia serves a diverse range of customers, including major national and international oil companies, chemical companies, as well as trading and utility companies. Headquartered in Singapore, Hafnia operates with a forward-thinking vision to set new industry standards, driven by its core values of Collaboration, Ambitious, Reliable, and Enduring.
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Contact:
Media Enquiries:
Cargill: Nicole Marlor (Director, Media Relations & Crisis, APAC, EMEA and LATAM), nicole_marlor@cargill.com
Hafnia: Sheena Williamson-Holt (Head of Communications & Branding), swh@hafnia.co
