Petros Panagiotidis, owner of Robin Energy, has purchased a portion of the shares of Volar, which is backed by Trafigura. This investment allows Robin Energy to indirectly access the Very Large Crude Carrier (VLCC) market. Volar recently joined the Oslo Stock Exchange, and this investment is aimed at attracting new investments.
Investment Details
Robin Energy announced in a filing to the U.S. Securities and Exchange Commission that it participated in Volar's private placement and purchased 90,000 shares of the company at a price of 154 Norwegian Kroner (NOK) each. This investment amounts to a total of 13.86 million Norwegian Kroner (equivalent to 1.45 million dollars). The Cyprus-based company, which operates two LPG vessels, has not yet announced any plans to increase its stake in Volar.
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Background and Objectives of Volar
Robin Energy's investment comes as Volar recently raised $500 million through a public investment round and joined the Oslo Stock Exchange. Volar has commenced operations with six tankers that are already trading and eight new tankers under construction. Trafigura, Volar's parent company, continues to manage the commercial operations of the fleet and is the main shareholder of the company.
The funds raised from this investment round will be used to meet the needs of new constructions, reduce debt, and fulfill other corporate requirements. Meanwhile, Robin Energy is working to improve its position in the market amid structural changes in the shipping industry.
Developments in the Shipping Industry
Robin Energy's investment in Volar reflects ongoing changes in the ownership and management structure of companies operating in the shipping sector. In September, Robin Energy's affiliate, Toro, indicated plans to spin off its LPG fleet into an independent company listed on NASDAQ. These developments could have significant implications for shipping markets and the financing of this industry.
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