Volare Shipping Raises $500 Million via Share Placement

03:00 AM EDT, 09/23/2026 (MT Newswires) -- Volare Shipping raised $500 million through a private placement of 30,698,864 new shares at a subscription price of 154 Norwegian kroner each. The oil carrier operator also over-allotted 4,604,829 shares for 709 million kroner, according to a Wednesday release. Settlement is scheduled for Oct. 5. Subject to approval by Euronext Oslo Børs, Volare expects its shares to begin trading on Euronext Growth Oslo on Oct. 5 under the ticker VLCC. Volare plans to use the proceeds to fund remaining capital expenditure commitments tied to its newbuilding program, reduce debt on outstanding leases, and repay the intercompany loan. The funds will also support working capital and general corporate purposes.