Volare Shipping debuts on Oslo exchange after $500 million capital raise

Volare Shipping Ltd., a spin-off arm of Trafigura Group Pte., has commenced trading on Euronext Growth Oslo under the ticker ‘VLCC’. The company’s debut follows a successful private share placement that raised approximately $500 million, valuing the firm at $1.2 billion.

Volare’s fleet currently includes six very large crude carriers (VLCCs) in operation and eight newbuild vessels under construction in China. The proceeds from the listing are intended to fund vessel investments and provide a platform for future acquisitions or orders. Trafigura will retain a roughly 54% stake in the company.

CEO Alexandre Duff noted that Oslo was chosen due to its high concentration of shipping-specific expertise, including investors, banks, and legal professionals. The listing follows a trend of tanker companies seeking capital in the Norwegian market, including recent listings by Capital Tankers Corp. and OMC Tankers Ltd.