Trafigura Creates New Shipping Unit as Tanker Rates Soar
Dow Jones09-21 19:38
Trafigura, one of the largest commodity traders in the world, established a new shipping company to own and operate a fleet of oil tankers.
The launch comes as a supply crunch among oil supertankers has pushed the rate of hiring oil tankers to records globally.
The new company, Volare Shipping, has six very large crude carriers on the water and eight more on order which will be delivered in the next two years.
Volare plans to raise $500 million via a private placement of shares before listing on the Euronext Growth Oslo exchange. Following the listing, Trafigura will be the majority owner of Volare.
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