Trafigura's Volare Shipping Surges in Oslo Stock Exchange Debut
Cubierto por 3 fuentesPublicado
- Trade news‘Significant milestone’: Trafigura’s VLCC company Volare jumps 10% on bullish Oslo debut
- GCAPTAIN_NEWSVolare Jumps in Oslo Debut as Wave of Shipping IPOs Builds
- Trade newsVolare Shipping makes unique entrance in Oslo as shares climb on debut
- Globe NewswireRobin Energy Adds Exposure to the VLCC Segment
Volare Shipping, the VLCC tanker company created by trading house Trafigura, had a bullish debut on the Oslo Stock Exchange this Monday, October 5. According to one media outlet, the shares rose as much as 10% in the first morning of trading, while another source noted that the stock was trading 6.9% higher at 13:42 local time.
Placement and Leadership
The company had raised about 500 million dollars last month through a private placement of shares, which valued the group at 1.2 billion dollars. Following the deal, Trafigura retains a stake of around 54%. Volare is led by CEO Alexandre Duff, while Chairwoman Andrea Olivi rang the bell to open the trading session in Oslo.
Oslo, a Hub for Shipping Listings
Volare joins a wave of shipping company IPOs in the Norwegian capital: it 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 the largest stock market in Europe for shipping companies by number of listings. Duff stated that the concentration of investors, banks, lawyers and shipping expertise in Oslo made the city 'the only option' for this deal, adding that he aims for the company to move up to Oslo's main market, without ruling out a future dual listing in New York.
Tanker Market and Fleet
The listing allows Volare to capitalize on a particularly strong tanker market, driven by the disruption in the Strait of Hormuz, which has pushed up freight rates and vessel values. The company operates six VLCCs and has eight more newbuild vessels under construction in China, according to Duff, who indicated that the funds raised will finance these vessel investments and give the company a platform to acquire or order additional vessels.
Other Investors' Participation
Robin Energy Ltd. reported that it took part in Volare Shipping's private placement, acquiring 90,000 shares at the offering price of 154 Norwegian kroner. The company noted that this investment reinforces the current strong fundamentals of the crude oil tanker sector, reflected in record VLCC earnings, amid a structural adjustment driven by geopolitical disruption and longer voyage distances for the tanker fleet.
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