# Volare Shipping reports strong VLCC earnings momentum following Oslo listing

- **Source:** https://pelavox.com/volare-shipping-vlcc-tce-earnings-update-2026/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-10-31T01:00:00+00:00
- **Updated:** 2026-10-29T12:15:59+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Euronext Growth Oslo, Tanker Market, TCE Earnings, Trafigura Maritime Logistics, VLCC, Volare Shipping

Volare Shipping has reported elevated time charter equivalent (TCE) earnings for its fleet of six spot-operated very large crude carriers (VLCCs), following the company’s listing on Euronext Growth Oslo earlier this month.

In a business update released on 29 October 2026, Volare estimated fourth-quarter TCE earnings of US$717,300 per day for fixtures covering approximately 43% of the fleet’s expected operating days during the quarter. The company anticipates a total of 531 operating days across its six vessels for the three-month period.

The figure represents an estimate based on the portion of operating days already fixed and should not be interpreted as the average earnings achieved across the entire fourth quarter.

For the third quarter ended 30 September 2026, the company reported estimated pro forma TCE earnings of US$208,300 per day, calculated across 479 operating days.

These third-quarter figures relate to the six VLCCs while they were operated by Trafigura Maritime Logistics, before their transfer to Volare. They are unaudited and do not represent Volare’s actual financial results for that period.

The six vessels began accruing TCE earnings to Volare on 5 October 2026, the settlement date of the company’s initial public offering.

Under the arrangements governing the fleet transfer, earnings from voyages already underway on that date will be allocated proportionally between Trafigura Maritime Logistics and Volare. The allocation will be calculated on a discharge-to-discharge basis, with subsequent demurrage and freight adjustments divided using the same methodology.

Volare operates six VLCCs under the commercial management of Trafigura Maritime Logistics and has eight additional VLCC newbuildings on order, with deliveries scheduled progressively through 2027 and 2028.

The company began trading on Euronext Growth Oslo on 5 October 2026 under the ticker VLCC, following a private placement that raised approximately US$500 million.

TCE earnings measure average daily net voyage revenue after deducting commissions and voyage-related expenses, including bunker fuel and port costs. The metric is commonly used to assess tanker operating performance but is not equivalent to net profit or a measure of financial performance under IFRS.

Volare’s latest update provides an indication of its contracted spot-market earnings as the company enters its first reporting period as a publicly listed tanker owner.

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Cite as: "Volare Shipping reports strong VLCC earnings momentum following Oslo listing", pelavox., 31 October 2026, https://pelavox.com/volare-shipping-vlcc-tce-earnings-update-2026/