Trafigura's 2025 profits underpin 2026 tanker outlook

Trading house and vessel operator Trafigura set a resilient financial platform for its tanker shipping business in 2026 after reporting net profit of US$2.7Bn for FY2025 (1 October 2024 to 30 September 2025), just 3% below the previous year, with underlying EBITDA steady at US$8.2Bn and group equity at US$16.2Bn, more than 20% of total assets.

Chief executive Richard Holtum said “Group profitability remained extremely resilient, with net income of US$2.7Bn broadly consistent with the previous year,” underlining the contribution from all three core trading divisions, including energy and associated freight.

Within that backdrop, the Shipping and Chartering division reported it had “successfully navigated complex operating conditions” in FY2025, ending the year with “positive momentum” despite a weak start in most tanker freight segments.

“Fundamentals of global seaborne trade remained robust”

The Wet Freight desk delivered another strong performance, keeping fixtures and trading volumes steady while supporting Trafigura’s growing oil and petroleum products flows, which reached 358M tonnes, or an average of 7.6M barrels per day, around 10% above FY2024.

Tanker markets tightened as the year progressed, and Trafigura reported that early in the financial year, renewed OPEC+ discipline on production quotas restricted seaborne volumes.

Later in 2025, as the group of producers refocused on regaining market share, mainstream operators benefited from higher volumes “on the water”, a trend reinforced by tighter sanctions on the shadow fleet.

Against this changing pattern of flows, the company described one of the busiest periods in the Wet Freight desk’s history, advancing a new VLCC newbuilding programme and completing several secondhand vessel transactions that contributed positively to results.

The group also linked its tanker outlook to decarbonisation and operational efficiency.

In FY2025, Trafigura entered a strategic partnership with voyage optimisation specialist ZeroNorth, reporting early gains in lower bunker consumption, reduced emissions and improved voyage efficiency, and positioning its fleet management for tightening environmental regulation.