Volare Jumps in Oslo Debut as Wave of Shipping IPOs Builds

(Bloomberg) —

Volare Shipping Ltd. jumped on its first day of trading in Oslo on Monday after the spin-off arm of Trafigura Group Pte. became the latest in a spree of tanker listings in the Norwegian capital.

The shares were trading 6.9% up at 1:42 p.m. local time after raising about $500 million in a private share placement, valuing the firm at $1.2 billion. 

Volare follows Capital Tankers Corp., which listed in Oslo in March, and OMC Tankers Ltd., which joined Euronext Growth in August. According to Euronext, Oslo is now Europe’s largest stock market for shipping companies by number of listings, due to an active strategy to attract more shipping companies. 

Chief Executive Officer Alexandre Duff said Oslo’s concentration of shipping investors, banks, lawyers and industry expertise made the city “the only option for this particular transaction,” speaking in an interview in the Norwegian capital. Duff added he wants the company to move to Oslo’s main market and said a dual listing in New York could be considered later, depending on growth, available capital and investor demand. 

The listing also allows Volare to tap an exceptionally strong tanker market as disruption around the Strait of Hormuz has pushed up freight rates and vessel values. Volare has six very large crude carriers on the water and eight new tankers under construction in China, Duff said. 

The proceeds will fund the vessel investments and gives the company a platform to acquire or order more ships in the future, he said, adding Trafigura will retain a roughly 54% stake following the transaction.

© 2026 Bloomberg L.P.

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