Trafigura expands shipping fleet through support for partner's US$1.35b order

Singapore

TRAFIGURA Group, one of the largest independent commodity trading firms in the world, is expanding its shipping fleet in what appears to be a shift in its freight strategy.

The company is supporting an order placed by an unnamed Asian financial partner for up to 32 newbuild crude oil and product tankers, with the order's value potentially exceeding US$1.35 billion. These ships will be built by South Korea's Hyundai Heavy Industries and China's New Times Shipbuilding.

Shipping trade publication TradeWinds had earlier reported that China's Bank of Communications is believed to be providing the financing. The Business Times understands that the order is related to Chinese companies and banks wanting to partner Trafigura to enlarge their reach under the "One Belt, …