Trafigura Spins Off Tanker Business into New Company to Exploit Record Rates

Trafigura is spinning off its supertanker business into a new company called Volare Shipping Ltd. The move aims to capitalize on record tanker rates, which have recently topped $1 million per day due to supply constraints and geopolitical tensions in the Strait of Hormuz.

Volare Shipping currently operates six very large crude carriers (VLCCs) and has eight newbuild vessels on order, scheduled for delivery between 2026 and 2028. The company plans to raise about $500 million through a private placement and list its shares on the Euronext Growth Oslo stock exchange.

Trafigura will be the majority owner of Volare Shipping after the listing, which is expected to take place on or about October 5, 2026. The company currently manages around 500 vessels across multiple segments, including around 250 oil tankers.