Trafigura consolidates VLCC assets under Volare Shipping, gearing up for an IPO in Oslo with six active VLCCs and eight new builds.
The commodity trading group Trafigura has consolidated its VLCC assets under a separate company named Volare Shipping and is preparing to go public in Oslo.
The new company will own six active VLCCs and is expected to take delivery of eight newbuild VLCCs between 2026 and 2028.
The plan anticipates that Volare shares will begin trading on Euronext Growth Oslo around October 5, following a private equity placement of approximately $500 million. If the necessary approvals are obtained, the company's trading code will be 'VLCC'; Trafigura will retain the majority stake.
Trafigura's global shipping unit will take over the commercial management of the fleet. The group currently manages around 500 vessels across different segments, including approximately 250 tankers. Volare's management aims for the capital increase to fully finance the existing newbuilding program.
The surge in charter rates for crude oil transportation has encouraged major trading houses to invest in vessel assets rather than remain solely as charterers. Route disruptions from the Strait of Hormuz and the Black Sea have increased longer voyages and additional ton-mile demand, while the inability of vessel supply to grow at the same pace in the short term has pushed earnings higher.
However, the high freight assumption in the IPO narrative is not a permanent guarantee. The acceleration of VLCC orders in 2026, with deliveries expected after 2028, could create capacity pressure in the market if demand for ton-miles decreases due to war and sanctions. For investors, the issue is not just today's earnings but the supply-demand balance during the period when new vessels are expected to enter service.
Source: SeaNews Türkiye
