The Trafigura Group has announced the creation of a new specialist subsidiary within the group – Volare Shipping – which will own and expand a fleet of oil tankers.
According to the company’s statement, Volare Shipping’s fleet will initially comprise six VLCC-class tankers (supertankers), which are already in service, as well as eight vessels on order.
The fleet will be managed by Trafigura’s global shipping division.
Volare Shipping plans to carry out a private placement of shares worth around $500 million, followed by a listing on the Euronext Growth Oslo exchange, the statement said.
Volare Shipping shares are expected to begin trading on 5 October under the ticker symbol VLLC.
Trafigura will retain control of the company following its listing on the stock exchange.
Tanker freight rates have soared to record levels amid the Middle East conflict. According to Windward, which specialises in maritime analytics, earlier this month the cost of chartering a supertanker to load oil in the Persian Gulf and transport it through the Strait of Hormuz exceeded $1 million per day.
Trafigura operates approximately 500 vessels across various transport segments, including around 250 oil tankers.