Volare Shipping Ltd.: Business Update

29 October 2026: Volare Shipping Ltd. (Euronext Growth Oslo: VLCC) ("Volare" or the "Company") provides the following business update.

• For the third quarter ending 30 September 2026, Volare estimates time charter equivalent ("TCE") pro forma earnings* at US$208,300/day for its fleet of six spot-operated VLCCs, as operated by Trafigura Maritime Logistics ("TML") prior to delivery to the Company. These estimated TCE earnings are based on 479 operating days.

• In the fourth quarter of 2026 to date, Volare estimates TCE earnings at US$717,300/day for its spot operated VLCCs, fixed over approximately 43% of its operating days in the quarter. The Company estimates a total of 531 operating days in the fourth quarter.

• The six vessels delivered from TML to Volare have accrued TCE earnings to the Company from the IPO settlement date (5 October 2026).

• TCE earnings from voyages in progress on the IPO settlement date will be allocated between TML and Volare pro rata, on a discharge-to-discharge basis. Post-discharge items, including demurrage and freight adjustments, will be split pro rata on the same basis.

Alexandre Duff, Chief Executive Officer of Volare Shipping Ltd., commented:

"Volare's fleet delivered strong pro forma earnings in the third quarter, and we have continued this momentum into the fourth quarter. This reflects the quality of our young, modern fleet and the strength of the commercial platform we operate on. We look forward to continuing to execute for our shareholders as our newbuilds join the fleet through 2027 and 2028."

*Daily TCE Earnings

Daily Time Charter Equivalent Earnings ("TCE Earnings") measure the average daily net revenue earned by a vessel. TCE Earnings are calculated by dividing net voyage revenue ("TCE Revenue") by the number of operating days in the relevant period. TCE Revenue is calculated as voyage revenue less commissions and voyage expenses, including bunkers and port costs.

For these purposes, "Operating Days" means calendar days less days on which a vessel is off-hire, whether scheduled or unscheduled. "Calendar Days" means the total number of days during the relevant period that the vessels were owned or chartered-in by the Company.

TCE Earnings and TCE Revenue are non-IFRS financial measures and should not be considered as alternatives to, or substitutes for, revenue or any other measure of financial performance presented in accordance with IFRS.

"Pro forma" TCE Earnings for the third quarter of 2026 are presented for illustrative purposes only. They reflect the TCE Earnings achieved by the six vessels while operated by Trafigura Maritime Logistics prior to their delivery to the Company on 5 October 2026, calculated using the Company's TCE methodology as if the vessels had been part of the Company's fleet throughout the quarter. They are unaudited and do not represent the Company's actual results for the period.

For more information, please contact:

Investors: investor.relations@volareshipping.com

Media: media.enquiries@volareshipping.com

About Volare Shipping Ltd.

Volare Shipping Ltd. (Euronext Growth Oslo: VLCC) is an international shipping company, incorporated in Singapore. Volare Shipping currently operates six VLCCs and has eight newbuild VLCCs on order, delivering progressively through to 2028. At an average age of approximately three years on full delivery, Volare Shipping's fleet ranks among the youngest and most technically advanced in the listed VLCC sector. The fleet is commercially managed by Trafigura Maritime Logistics, and the Company is led by an experienced management team with decades of experience across shipping, commodities and financial markets. This relationship provides Volare Shipping with an industry-leading chartering platform, significant commercial scale and cargo optionality.

Forward-looking statements

This announcement may contain certain forward-looking statements concerning future events. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Any forward-looking statements herein are based upon various assumptions. While the Company believes that these assumptions were reasonable when made, such assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control, and could cause actual events to differ materially from the expectations expressed or implied herein.

This information constitutes inside information pursuant to article 7 in the EU Market Abuse Regulation and is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement was published by Maria Sunde Midttun, Investor Relations, at the date and time as set out above.