Breaking

Trafigura Shifts to Vessel Ownership as Tanker Rates Hit $1M Daily

Trafigura is establishing Volare Shipping to own rather than charter crude-carrying capacity—a strategic pivot as tanker rates surge to record levels. The new company will operate 14 very large crude carriers, beginning with six vessels already in service and eight newbuildings arriving between 2026 and 2028. Trafigura plans to raise $500 million through private placement ahead of a planned October listing on Euronext Growth Oslo under ticker VLCC. The shift addresses the economics of crude trading, where charter rates now reach $1 million daily due to Iran-related supply disruptions. Ownership secures capacity for Trafigura's own trading operations while reducing exposure to volatile spot-market rates. The company historically relied on third-party chartered tonnage but faces mounting costs and availability constraints during market tightness. Volare can also generate revenue by deploying vessels for external cargoes.