HomeTrafigura Launches Volare Shipping With 14-VLCC Fleet and $500M Oslo Listing Plan

Trafigura Launches Volare Shipping With 14-VLCC Fleet and $500M Oslo Listing Plan

September 22, 2026

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Trafigura has created Volare Shipping Ltd., a Singapore-incorporated tanker company that will own a fleet of six VLCCs already on the water and eight additional newbuildings scheduled for delivery through October 2028. Trafigura plans to raise about $500 million from outside investors through a private placement, enough to fully fund Volare's existing newbuilding program, before seeking a listing on Euronext Growth Oslo around October 5 under the ticker "VLCC." Trafigura will remain the majority shareholder and its global shipping division will continue commercially managing the vessels, choosing between Trafigura cargoes and third-party employment according to market opportunities. The launch comes during an exceptional tanker market in which benchmark Arabian Gulf-to-China VLCC earnings have exceeded $1 million per day, while Trafigura itself already manages roughly 500 vessels, including around 250 oil tankers.

New Tanker Company · Trafigura

Volare Starts With Scale

Trafigura is moving a concentrated pool of modern VLCC assets into a dedicated company while keeping the commercial deployment engine inside its global shipping business.

VLCCs Trading Today 6 Immediate operating fleet

Volare begins with six very large crude carriers already earning in the tanker market.

Newbuilds Coming 8 Delivery through 2028

Eight additional VLCCs will progressively expand the owned fleet to fourteen ships.

Capital Raise $500M Private placement planned

The proposed equity raise is expected to fully fund the existing newbuilding program.

Full Fleet 14 Average age about 3 years

Volare expects one of the youngest fleets in the listed VLCC sector once delivery is complete.

From Private Trading Asset to Public Tanker Platform
September 2026 Volare Created
Dedicated Singapore-incorporated shipowning company begins with six operating VLCCs.
→
Capital Markets ~$500M Raise
Outside equity is brought into the tanker platform while Trafigura remains majority owner.
→
By October 2028 14 VLCCs
Eight newbuildings join the fleet as the platform gains scale and additional earning capacity.
Volare Owns the Ships
Vessel assets, newbuilding exposure and tanker earnings sit inside the dedicated shipping company available to outside shareholders.
Trafigura Controls Commercial Deployment
Trafigura's shipping business will charter and position the vessels using its global cargo portfolio, freight trading network and market analytics.
Tanker Ownership Meets Commodity Trading

The Bet Behind Volare

Trafigura is launching the company into one of the strongest VLCC markets ever recorded, but it is also preparing for a future in which today's extreme tanker shortage eventually meets a very large newbuilding orderbook.

Current Market Tailwind >$1M/day Benchmark VLCC earnings broke seven figures
Middle East disruption, longer crude routes and fewer available ships have pushed some Arabian Gulf-to-Asia tanker earnings to extraordinary levels.
Future Supply Risk 38% VLCC orderbook vs. fleet
A huge wave of new ordering means the tanker shortage supporting today's market may look very different once large numbers of ships begin arriving later this decade.
Volare's Three-Layer Business Model
Layer 1 Own Modern Ships
Volare holds the physical VLCC assets and captures the economics of owning young tanker tonnage.
Layer 2 Use Trafigura's Cargo Network
Trafigura can feed employment opportunities from its own oil trading flows while still placing vessels with outside charterers.
Layer 3 Maximize Vessel Earnings
Management says ships will be deployed wherever economics are strongest rather than being reserved exclusively for Trafigura cargoes.
Cargo Flexibility Coated + Heated Tanks
Newbuildings have additional internal coatings and heating systems designed to widen the range of cargoes they can carry.
Fuel Optionality Ammonia-Ready
The vessels are designed with dual-fuel capability and readiness for future ammonia-fuel deployment.
Fleet Profile ~3 Years Average Age
Once the full 14-vessel fleet has delivered in October 2028, Volare expects an exceptionally young listed VLCC fleet.
VLCCs First, Other Tankers Could Follow
Trafigura has said Volare could expand into smaller tanker segments if suitable opportunities emerge. Management has specifically indicated that the platform is intended to remain a tanker business rather than expand into dry bulk or gas shipping.
Ship Universe VLCC Revenue Model

What Does Fleet Scale Do to Revenue Exposure?

Compare Volare's six operating VLCCs with its future fourteen-ship fleet at different charter-rate and utilization assumptions.

US$ / day
%
days
Six VLCC Fleet $295.7M
Modeled gross charter revenue for Volare's current operating fleet.
Fourteen VLCC Fleet $690.0M
Modeled gross charter revenue after all eight newbuildings have joined the fleet.
Revenue Capacity at the Same Market Rate
6 Ships
$295.7M
14 Ships
$690.0M
Fleet Growth +133%
Daily Rate $150K
Utilization 90%
Scenario model: this calculates gross charter revenue only. It does not deduct vessel operating expenses, drydock, financing costs, depreciation, commissions, off-hire, taxes or corporate expenses and therefore should not be interpreted as a forecast of Volare Shipping's revenue, EBITDA or profit. The $1 million/day preset represents an exceptional September 2026 VLCC market condition rather than a normal long-term rate.
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