Trafigura has launched Volare Shipping Ltd. with an initial fleet of six operational VLCCs and eight ammonia-ready newbuilds on order. The company is seeking to raise approximately USD 500 million through a private placement ahead of a planned listing on Euronext Growth Oslo under the ticker “VLCC” on October 5, 2026. Backed by Trafigura’s global commercial management, the young, high-specification fleet will give investors direct exposure to the crude oil tanker sector.
Singapore | September 21, 2026 – Commodity trading titan Trafigura has officially established Volare Shipping Ltd., a new dedicated group company created to own, operate, and scale a modern fleet of Very Large Crude Carriers (VLCCs).
In tandem with its launch, Volare Shipping has announced a contemplated private placement to raise approximately USD 500 million, alongside a proposed subsequent listing on Euronext Growth Oslo under the ticker symbol “VLCC”. Subject to regulatory approvals and market conditions, trading is expected to commence on or about October 5, 2026. Following the listing, Trafigura will retain majority ownership of the company.
Fleet Profile: 14 High-Specification VLCCs
Volare Shipping’s initial asset base comprises a powerful combination of operational tonnage and forward-order newbuilds:
- Current Operations: 6 VLCCs already on the water.
- Orderbook: 8 newbuild vessels scheduled for progressive delivery between 2026 and October 2028.
- Commercial Management: The entire fleet will be commercially managed by Trafigura’s globally established shipping division.
Upon the full delivery of the newbuild program in late 2028, Volare Shipping will control 14 modern supertankers with an average age of roughly three years, positioning it among the youngest and most advanced listed fleets in the crude oil transportation sector.
“Trafigura’s growing footprint in the VLCC segment has revealed a clear opportunity to invest further in modern tonnage, alongside outside investors,” said Andrea Olivi, Global Head of Shipping at Trafigura and Chair of the Board of Directors of Volare Shipping. “Long-end fundamentals in crude oil transportation remain supportive, and a dedicated, listed company gives Volare Shipping investors direct exposure to the sector.”
Designed for Environmental Compliance and Flexibility
The newbuild units are engineered to exceed standard specifications, offering greater cargo capacities and advanced onboard systems tailored for maximum commercial versatility:
- Enhanced Cargo Capability: Fitted with specialized internal tank coatings and advanced heating systems to handle a wider array of specialty liquid cargoes.
- Future-Proofing: Built to comply with rigorous international environmental and regulatory standards, featuring ammonia-ready dual-fuel capability.
Alexandre Duff, Chief Executive Officer of Volare Shipping, emphasized the strong financial backing behind the venture “The contemplated private placement will fully fund our current newbuilding programme, while our proven operational expertise positions Volare Shipping to deliver attractive long-term value for all shareholders.”
Strategic Rationale and Market Timing
By spinning off its owned VLCC tonnage into a dedicated, publicly-visible vehicle, Trafigura is opening up its high-specification assets to institutional and retail investors via the Oslo stock exchange, widely recognized as a premier global hub for maritime equities.
The launch arrives amid strong market dynamics for large crude carriers, giving Volare Shipping an immediate and robust platform to capitalize on long-haul oil trade flows while utilizing Trafigura’s extensive global logistics and chartering network.
About Trafigura
Trafigura provides critical resources to the world. Founded over 30 years ago and employee-owned, the Group sits at the heart of global supply, leveraging its deep understanding of commodity markets to make supply chains more efficient, secure, and sustainable.
Operating across a global network, the Group deploys infrastructure, logistics, financing, and market expertise to move energy and commodities from where they are produced to where they are needed. By connecting producers and consumers, Trafigura brings resilience and trust to complex supply chains. The business supplies the energy and commodities the world needs today, including oil and petroleum products, metals and minerals, and gas and power, while actively investing in lower-carbon solutions for the future.
The Trafigura Group also comprises key industrial assets and operating businesses, including the multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, fuel supplier and distributor Greenergy, and the Impala Terminals joint venture. The Group employs approximately 14,500 people, of whom more than 1,400 are shareholders, and operates in over 150 countries.
About Volare Shipping
Volare Shipping is an international shipping company incorporated in Singapore. Established and majority-owned by Trafigura, one of the world’s largest commodity trading and shipping groups, Volare Shipping owns a modern, high-specification fleet of Very Large Crude Carriers (VLCCs) under Trafigura’s commercial management.
Volare Shipping currently operates six VLCCs and has eight newbuild vessels on order, with deliveries scheduled progressively between 2026 and 2028. At an average age of approximately three years upon full delivery, Volare Shipping’s fleet ranks among the youngest and most technically advanced in the listed VLCC sector. The newbuild vessels are larger than standard tankers, allowing them to carry greater cargo volumes. Furthermore, they are fitted with specialized internal tank coatings and advanced heating systems, enabling the transport of a wider range of cargo types. All vessels comply with leading international environmental and regulatory standards and feature ammonia-ready dual-fuel capability.
Source: Trafigura