Image Credit: Seascale Energy

Seascale Energy is a relatively new name in the marine fuels space, but formed by two companies with a long history in shipping and bunkering.

The company was announced in February 2025 and launched in May of the same year by commodities giant Cargill and tanker owner Hafnia as a marine fuel procurement joint venture.

For the purposes of this report Ship & Bunker is estimating Seascale's 2025 volumes at an annualised 7.2 million mt. But these are not all strictly Seascale's volumes; 5 million mt of this figure belongs to Seascale since its operations started, with the remaining 2.2 million mt coming from combined bunker volumes from the Hafnia Bunker Alliance and Cargill unit Pure Marine Fuels from the period before the launch in January-April 2025.

The combined total gives a better picture of what Seascale's volumes would have looked like in 2025 were the firm to have had a full year of operations.

Joint Ownership Structure

The company is jointly owned by Cargill and Hafnia, with more than 25 team members from the two firms operating from Singapore, Geneva, Copenhagen and Houston.

Cargill's Olivier Josse and Hafnia's Peter Grünwaldt serve as co-CEOs of the new enterprise.

One of the company's three primary objects is better-priced bunkers, with an equal focus on quality and operational advantages for the members than they would otherwise be able to secure.

"The potential savings depend on the customer's profile," the co-CEOs told Ship & Bunker in February 2025.

"For existing customers already benefiting from competitive, all-in procurement, we believe Seascale Energy can deliver additional savings on their bunker costs.

"For new customers, the impact could be even more significant, depending on their current bunker procurement setup.

"A customer with an annual bunker requirement of 100,000 metric tons could achieve significant savings - in some cases several million USD - that have a real impact on the bottom line.

"Additionally, there are factors such as timing and port arbitrage that can further enhance savings. Beyond cost reductions, there are also benefits related to reduced counterparty risk, compliance with sanctions, and other operational efficiencies."

Seascale Energy is continuing to expand its customer base, now counting more than 53 members in its bunker procurement alliance.

Seascale via Hafnia and Cargill is a founding member of the Bunkering Services Initiative at the ARA hub, in which a range of marine fuel stakeholders came together in a group in 2025 committing to higher standards through a fully transparent, digital and MFM-backed marine fuel service.