does your IR thermometer agree with the engine gauges? do you get roughly the same temp on other parts of the engine?
if so it does sound like your thermostat(s) is stuck open.
Not sure about volvos but my yanmars won't warm up at all at 1000rpm with no load and take ages at 1000rpm even in gear i have to push to 12/1400rpm to get them up to temperature before pushing onto the plane