Shares in Trafigura's Volare Shipping jumped on their first day of trading in Oslo.
In morning trade, shares were up 7.5% at 165.50 kroner.
The listing comes as tanker rates have surged to record highs since the conflict in the Middle East upended oil markets. The cost of hiring an oil supertanker to load crude inside the Persian Gulf and sail it out of the Strait of Hormuz recently topped $1 million a day, according to maritime-intelligence firm Windward.
Volare will initially operate six very large crude carriers with a further eight newbuild vessels to come.
Trafigura remains the majority owner of the company.
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