Volare Shipping shares surge on its first day of trading

Deep News

Oct 05

In early trading, the share price rose 7.5%, and Trafigura Group remains the controlling shareholder of Volare Shipping.

Trafigura Group's Volare Shipping made its debut on the Oslo Stock Exchange in Norway, with its share price climbing sharply.

During early trading, the stock rose 7.5% to 165.50 kroner.

This listing comes as conflict in the Middle East disrupts the oil market, sending tanker freight rates soaring to historic highs.

Data from maritime intelligence agency Windward shows that recently, chartering a Very Large Crude Carrier to load crude oil in the Persian Gulf and sail out through the Strait of Hormuz has seen daily rental costs exceed $1 million.

Volare initially operates 6 Very Large Crude Carriers, with another 8 newbuild vessels set to be delivered progressively.

Trafigura Group still holds a majority stake in the company.

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