Volare Shipping Ltd. successfully began trading in Oslo, Norway, on Monday. The company, which operates as a spin-off of the Trafigura Group Pte., has become one of the newest tanker companies in this investment.
Capital Raising and Valuation
Volare's shares rose by 6.9% at 1:42 PM local time, reaching a valuation of $1.2 billion. The company has successfully raised approximately $500 million through a private stock offering. Alexandre Duff, the CEO of the company, stated that Oslo's focus on maritime investors, banks, and lawyers has made the city a suitable option for this deal.
Read more: Mermaid Partners with Marine Platforms to Expand Underwater Activities in Nigeria
Future Plans and the Tanker Market
Duff also mentioned future plans, stating that the company aims to transition to the main Oslo market and may consider a dual listing in New York in the future. This listing would allow Volare to capitalize on the strong tanker market, which has seen rates and vessel values increase due to disruptions in the Strait of Hormuz. Volare currently has six very large crude carriers and eight new tankers under construction in China.
Duff added that the revenue from these investments will help finance the purchase of new vessels and create a foundation for ordering or acquiring more ships in the future. After this deal, Trafigura will continue to hold approximately 54% of the company's shares.
Read more: Sale of RTM Dias and RTM Flinders Tanker Cargoes by Rio Tinto · Attack on Panamanian Tanker in the Strait of Hormuz Injures 12 Sailors
