Trafigura has created a new VLCC owner and operator, Volare Shipping, entering the sector at a time when crude tanker markets are experiencing exceptionally strong rates and asset values.
Volare will launch with six VLCCs already in operation and eight newbuild vessels on order, with deliveries scheduled between 2026 and 2028. The company is seeking to raise $500m through a private placement of Volare shares to finance its current newbuilding programme. It also plans to seek a listing on Euronext Growth Oslo, with Trafigura retaining majority ownership.
The move comes as the VLCC market reaches record levels. Last week, VLCC rates on routes from the Arabian Gulf to Asia surpassed $1m per day, driven by tightening vessel availability and growing concerns over the security of Saudi Arabia’s East-West pipeline.
The secondhand market is also showing extraordinary strength. Matthew Freeman, VP valuation & analytics at Veson Nautical, said five-year-old VLCCs are currently the most overvalued assets tracked by the company, standing 133% above their 15-year median.
Broker reports on 21 September valued the 2011-built Sea Leopard at $135m, compared with a benchmark value of $131m for a newbuild at the end of August. Newbuild VLCC resales have reached around $200m in recent weeks.
Trafigura entered the market before the price surge
Trafigura’s position in VLCC ownership began in 2024, when vessel prices were significantly lower. The company initially ordered two VLCCs from China’s Jiangsu New Hantong Ship Heavy Industry in March 2024, reportedly at approximately $113m each.
That order was followed by three more vessels in June 2024 and another in September 2024, with each estimated at around $120m. Brokers have subsequently estimated similar prices for two additional pairs of VLCCs ordered in July and November 2025.
Trafigura also began building its secondhand fleet in July 2025, with its seven secondhand purchases carrying estimated prices ranging from $86m per vessel to $163m for a newbuild resale reported in May 2026.
Tracking the precise evolution of Trafigura’s fleet is complicated by the combination of secondhand purchases, newbuild deliveries, disposals and unconfirmed broker reports. The company has nevertheless confirmed that Volare will start with six VLCCs on the water and eight newbuilds on order.
Once the final vessel is delivered in October 2028, Volare expects its fleet to have an average age of approximately three years.
First Trafigura VLCC delivered ahead of schedule
Jiangsu New Hantong delivered Trafigura’s first VLCC in June 2026, completing the vessel 40 days ahead of schedule. The shipyard also held a naming ceremony in August for a VLCC being built for Trafigura and Advantage Tankers.
Subject to the planned timetable, Volare is expected to begin trading on Euronext Growth Oslo around 5 October, under the ticker VLCC.
The new company will also have access to Trafigura’s extensive shipping capabilities. The trading group manages approximately 500 vessels, including around 250 tankers, providing Volare with access to established expertise in shipping, chartering and market analysis.
Andrea Olivi, global head of shipping at Trafigura and chairman of the board of Volare Shipping, said the company’s growing presence in the VLCC segment had demonstrated an opportunity to expand investment in modern tonnage alongside external investors.
He added that the long-term fundamentals of crude oil transportation remained supportive, while a dedicated listed company would provide Volare investors with direct exposure to the sector.
Alexandre Duff, CEO of Volare Shipping, said the company combines one of the youngest and most technically advanced VLCC fleets in the market with access to Trafigura’s global trading, chartering and analytics platform.
According to Duff, the planned private placement will fully fund Volare’s current newbuilding programme, giving the newly established owner a fully financed fleet expansion as it prepares for its planned Oslo listing.
