Trafigura Sets Up Volare Shipping Ahead of $500 Million Capital Raise

Trafigura has established a new group company, Volare Shipping Ltd, to own and operate a fleet of modern oil tankers, with plans to raise approximately $500 million through a private placement and subsequently list the company on Euronext Growth Oslo.

Volare Shipping will initially comprise six Very Large Crude Carriers (VLCCs) already in operation and eight newbuild vessels on order. Trafigura’s global shipping business will commercially manage the fleet, while Trafigura is expected to remain the majority shareholder following the proposed listing.

Subject to approval from Euronext Oslo Børs and successful completion of the private placement, Volare Shipping’s shares are expected to begin trading on or around October 5, 2026, under the ticker “VLCC.”

Fleet to reach 14 VLCCs by 2028

The company’s fleet is expected to have an average age of approximately three years when all newbuilds are delivered in October 2028.

The newbuild VLCCs are larger than standard tankers and feature additional internal tank coating and heating systems, allowing them to carry a wider range of cargoes. The vessels are also equipped with ammonia-ready dual-fuel capability and comply with international environmental and regulatory requirements.

Once the eight newbuild vessels are delivered, Volare Shipping will own 14 VLCCs.

Alexandre Duff, Chief Executive Officer of Volare Shipping, said the company combines a young and technically advanced VLCC fleet with access to Trafigura’s trading, chartering and analytics capabilities.

He added that the proposed private placement would fully fund the existing newbuilding programme.

Trafigura to remain majority owner

Trafigura currently manages approximately 500 vessels across multiple shipping 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 Trafigura’s expansion in the VLCC segment had highlighted an opportunity to invest further in modern tanker tonnage alongside external investors.

He also said the proposed listing would provide Volare Shipping with access to capital markets, while Oslo’s established position as a market for shipping companies would provide a platform for the company’s planned expansion.

Following the proposed listing, Trafigura will remain the majority owner of Volare Shipping.

Capital raise to support newbuild programme

The contemplated private placement is expected to raise approximately $500 million. The proceeds are intended to support the company’s current newbuilding programme, with the eight vessels already on order forming a significant part of its planned fleet expansion.

Volare Shipping is incorporated in Singapore and will operate as a dedicated international shipping company, while its vessels will be commercially managed through Trafigura’s global shipping organisation.