Trafigura is preparing to take its supertanker arm public for the first time, capitalizing on record tanker rates driven by the Gulf crisis. The commodities trader plans to raise roughly $500mn through a private placement of Volare Shipping ahead of a float on the Oslo Stock Exchange in early October. Proceeds will be used to expand Volare’s fleet of supertankers, which currently includes six vessels on the water and eight on order.

Andrea Olivi, Trafigura’s head of shipping, described a “paradigm shift” in the very large crude carrier market, noting that Middle Eastern oil companies are increasingly purchasing ships to control their exports. He expects this trend to continue, leading to higher earnings and asset prices.

The surge in tanker rates follows US-Israeli strikes on Iran and the near-closure of the Strait of Hormuz, which disrupted energy supply chains and forced longer shipping routes. Daily rates for Gulf voyages hit a record $1mn, with Clarksons reporting bookings elsewhere at $800,000 a day. Olivi cited aging fleets and growing exports from distant producers like Venezuela and Guyana as supportive factors.

However, concerns persist over the large number of new vessels on order, with the current order book representing about a third of the existing fleet. Olivi noted Trafigura’s main worry is overcapacity risk in the early 2030s.