Trafigura-backed Volare raises $500M ahead of Oslo listing
What's the deal? Volare ShippingDealroom has a profile for this one. Try Dealroom →, a newly created supertanker owner backed by commodities trader TrafiguraDealroom has a profile for this one. Try Dealroom →, has raised $500 million in an equity placement that values it at around US$1.39B. The Singapore-incorporated company sold 30.7m new shares at US$18.6 each in an oversubscribed private placement.
Why now? The raise lands just days after TrafiguraDealroom has a profile for this one. Try Dealroom → unveiled Volare as a dedicated owner of its growing very large crude carrier (VLCC) fleet. Volare plans to apply for admission to Euronext Growth Oslo, with first trading targeted for around October 5 under the ticker VLCC.
Who's in? The placement drew shipping industry investors, family offices, and institutions. An over-allotment option covers another 4.6m shares; if exercised in full, Trafigura Volare Holdings would keep about 53% of the company, leaving placement investors with roughly 47%.
What's the endgame? Net proceeds are earmarked for remaining capital commitments on Volare's newbuilding programme, cutting debt, and repaying an intra-group loan. The company starts with six VLCCs already trading and eight newbuildings due through 2028.
The eight new vessels are larger than standard VLCCs, with extra tank coatings, heating systems, and ammonia-ready dual-fuel capability. Once the programme completes in October 2028, Volare's 14-ship fleet will average around three years old. Trafigura will keep commercially managing the fleet.
The signal: The listing gives Trafigura a public-market vehicle sitting alongside one of shipping's largest chartering operations — it manages roughly 500 vessels, including about 250 oil tankers. Spinning out a dedicated tanker owner lets the trader tap outside capital while retaining control of the fleet it charters.
Read more: splash247.com
Image credit: wbaiv
