Trafigura launches Volare tanker arm, plans Oslo listing
Trading house Trafigura has launched Volare Shipping, which will own and operate 14 supertankers. The company plans to sell shares in the business in a private placement to raise $500 million before listing it on Norway's Euronext Growth Oslo exchange on or about October 5.
By Jonathan Saul and Enes Tunagur LONDON, Sept 21 (Reuters) — Trading house Trafigura said on Monday it had launched Volare Shipping, which would own and operate 14 supertankers, adding that it plans to sell shares in the business before listing it on the Norwegian stock exchange next month. Supply disruption resulting from the Iran war and the Ukraine conflict has sent oil tanker rates to record highs, prompting some oil and shipping firms to seek larger fleets of very large crude carriers (VLCCs) and smaller vessels such as Suezmaxes.
Trafigura said it plans to sell Volare shares in a private placement to raise $500 million and then aims to list them on Norway's Euronext Growth Oslo exchange on or about October 5, pending a successful share sale and approval from the exchange, according to the statement. Trading houses such as Trafigura historically chartered tankers from independent shipowners to carry oil, which leaves them exposed to higher freight rates in the market. Volare operates six VLCCs and it has eight newbuild VLCCs on order for delivery between 2026 and 2028, Trafigura said.
"The contemplated private placement will fully fund our current newbuilding programme," said Volare CEO Alexandre Duff. Trafigura, which is among the largest oil traders in the world, said it manages around 500 vessels across multiple segments including approximately 250 oil tankers. com)