$FRO $DHT $INSW $LPG $BWET (Bloomberg) -- Trafigura Group has spun off its supertanker fleet and plans to list a portion of the new company on Oslo’s Euronext exchange, as earnings for shipping crude soar to a record $1 million a day. The trading house is seeking to raise around $500 million by selling a minority stake in Volare Shipping Ltd. in a private share placement and subsequent listing on the exchange in early October, subject to approvals, according to a statement on Monday. It will be the first foray of this scale into public equity markets from Trafigura, a commodity trading giant that’s owned by around 1,400 of its employees. The global fleet of VLCCs, which each carry around 2 million barrels of crude oil, has been stretched by significant disruptions to the world’s usual shipping flows. The US-Iran war has forced tankers into much longer or more inefficient journeys in order to reduce the risk of attack.  The fleet will consist of six operational very large crude carriers and a further eight currently under construction for delivery over the next two years — encompassing all of the supertankers Trafigura itself owns, but not the vessels it has chartered in.  With 14 vessels in total, Volare would be in the middle tier of publicly listed tanker stocks. The biggest, New York listed Frontline Plc., has over 45 VLCCs in addition to smaller Aframax and Suezmax vessels. The large shadow fleets established by Russia and Iran to skirt international sanctions have led to the emergence of a two-tier system that has shrunk the number of ships available in the open market. A move by South Korea’s Sinokor Group to buy up a large slice of the world’s available VLCCs earlier this year further concentrated ownership of the global fleet.