Commodity trader Trafigura has spun off its supertanker fleet into a new entity named Volare and intends to list part of the business on the Euronext exchange in Oslo. The creation of the arm coincides with a surge in earnings for crude shipping that hit a record $1 million per day, spurred by a rush by Middle East energy producers to secure oil tankers to bypass regional disruptions.

Shipping traffic through the Strait of Hormuz has declined as a Middle East conflict persists, leaving only a trickle of vessels transiting the route. This reduction in available shipping capacity has driven charter rates for some very large crude carriers to $1.035 million per day, a nearly fivefold increase from $208,000 before the conflict.