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Commodity trading house Trafigura announced the launch of Volare Shipping, a company that will own and operate 14 supertankers, adding that it plans to sell shares in the business before listing it on the Norwegian stock market.
Supply disruptions stemming from the Iran war and the Ukraine conflict have driven tanker freight rates to record highs, prompting some oil companies and shipping lines to seek larger fleets of VLCCs and smaller vessels, such as Suezmaxes.
Trafigura stated that it plans to sell shares in Volare through a private placement with the goal of raising $500 million, and then list them on the Euronext Growth market in Oslo, Norway, on or around October 5.
"The objective is to maximize the revenue from these vessels, so they will be deployed accordingly, whether for internal or external cargoes, although historically most of our supertankers have been used for third-party business," said Andrea Olivi, Trafigura's Head of Shipping.
Commodity trading houses like Trafigura have historically chartered tankers from independent shipowners to transport oil, which leaves them exposed to the highest market freight rates.
Volare currently operates six VLCCs and has eight newbuilds on order for delivery between 2026 and 2028, Trafigura reported.
The company could seek to expand into other segments, Olivi noted, adding that they may incorporate smaller vessels into their fleet.
"The planned private placement will fully fund our current newbuilding program," said Alexandre Duff, CEO of Volare.
Trafigura, which is among the world's largest oil traders, noted that it manages around 500 vessels across multiple segments, including approximately 250 oil tankers.