Trafigura, one of the world’s biggest oil traders, is separating its supertanker business into a new company. The group said on Monday it had set up Volare Shipping Ltd as a dedicated vehicle to own, operate and expand a modern fleet of oil tankers, while commercial management of the vessels will remain with Trafigura’s global shipping business.
Volare Shipping currently operates six very large crude carriers (VLCCs) and has eight newbuild vessels on order for delivery between 2026 and 2028. The company also said it is considering a private placement to raise about $500 million, followed by a proposed share listing on the Euronext Growth Oslo exchange.
Trafigura said it would remain the majority owner of Volare Shipping after the proposed listing. Subject to listing approval and the successful completion of the private placement, shares in Volare Shipping are expected to begin trading on or about October 5, 2026, under the ticker VLCC.
Trafigura says it currently manages about 500 vessels across multiple segments, including around 250 oil tankers. Andrea Olivi, Global Head of Shipping at Trafigura and Chair of the Board of Directors of Volare Shipping, said long-term fundamentals in crude oil transportation remain supportive and that a dedicated listed company would give investors direct exposure to the sector. He also noted that Oslo is home to one of the world’s leading stock exchanges for shipping companies.
Alexandre Duff, Chief Executive Officer of Volare Shipping, said the contemplated private placement would fully fund the company’s current newbuilding programme. He added that the company’s proven operational expertise should help deliver attractive long-term value for all shareholders.
Trafigura’s move comes as the crisis around the Strait of Hormuz has pushed oil tanker freight rates to record highs. Daily charter rates for tankers have recently topped $1 million for the first time, as vessel supply tightens for crude and fuel shipments and owners remain reluctant to risk passage through the Strait of Hormuz.
