Trafigura Launches Volare Shipping With $500 Million Oslo Listing Plan

Commodity trading giant Trafigura is launching a new tanker company with plans to raise about $500 million and list the business in Oslo, opening its growing VLCC fleet to outside investors.

The new company, Volare Shipping Ltd., will start with six very large crude carriers already on the water and eight newbuilds scheduled for delivery through 2028. Trafigura will retain a majority stake and commercially manage the fleet through its global shipping business.

The launch comes as the VLCC market is enjoying some of its strongest conditions in years, with tight vessel availability and disruptions around the Strait of Hormuz pushing earnings on key routes toward, and in some cases above, $1 million per day. 

Volare is planning a private placement of approximately $500 million ahead of a proposed listing on Euronext Growth Oslo. Subject to regulatory approval and completion of the capital raise, trading is expected to begin around Oct. 5 under the ticker “VLCC.”

The private placement is expected to fully fund the company’s existing newbuilding program.

“Trafigura’s growing footprint in the VLCC segment has revealed a clear opportunity to invest further in modern tonnage, alongside outside investors,” said Andrea Olivi, Trafigura’s global head of shipping and chairman of Volare Shipping.

Olivi said the company sees supportive long-term fundamentals for crude oil transportation and views Oslo’s shipping-focused capital market as a platform for expanding the fleet.

Once all eight newbuilds are delivered, Volare will own 14 VLCCs with an average age of about three years as of October 2028.

The new ships will be somewhat larger than standard VLCCs and equipped with additional tank coatings and heating systems, allowing them to carry a broader range of cargoes. They will also have ammonia-ready dual-fuel capability.

“Once the remaining newbuild vessels are delivered, we will own 14 modern VLCCs,” said Volare Chief Executive Alexandre Duff. “The contemplated private placement will fully fund our current newbuilding programme.”

Volare is incorporated in Singapore.

The launch gives Trafigura a separately capitalized vehicle for its owned VLCC fleet while keeping the ships under its commercial control. Trafigura operates one of the world’s largest commodity shipping businesses, managing roughly 500 vessels across multiple segments, including about 250 oil tankers.

The company said the structure will also allow Volare to tap public capital markets for future fleet growth while giving investors direct exposure to the VLCC sector.

Subscribe for Daily Maritime Insights

Sign up for gCaptain’s newsletter and never miss an update

— trusted by our 107,434 members