Volare Shipping, a tanker company registered in Singapore, is set to begin trading in Oslo on 5 October. The listing follows a $500 million share sale to investors.
Euronext confirms the listing date on its Euronext Growth Oslo market in Norway. The shares will use the ticker VLCC, with a reference price of NOK 154.
Trafigura, a global commodity trading group, established Volare to own and operate oil tankers. Volare currently operates six Very Large Crude Carriers, or VLCCs. These are large tankers that transport crude oil.
The company has ordered eight more ships, with deliveries due through 2028.
Funding fleet expansion
Before the listing, Volare raised $500 million by selling 30.7 million new shares at NOK 154 each. Investors sought to buy far more shares than the company offered.
Volare will use the money to help pay for its new ships and reduce debt linked to vessel leases. The funds will also cover daily operations and other company costs.
Trafigura will remain Volare’s majority owner after the listing.
Why Oslo?
Andrea Olivi chairs Volare’s board and serves as Trafigura’s Global Head of Shipping. When Trafigura launched Volare, he highlighted Oslo’s role as a centre for shipping investment.
“Oslo is home to one of the world’s leading stock exchanges for shipping companies,” he said.
Olivi said the Oslo market would help Volare grow alongside other shareholders.
Trafigura’s shipping business will manage the fleet’s commercial activities. Once all eight new ships arrive, Volare will own 14 tankers.
Source: Euronext and Riviera Maritime Media
