Norwegian shipping company Solvang and Global Infrastructure Partners (GIP), a part of private infrastructure investment firm BlackRock, have joined forces to grow the liquefied gas shipping business with a focus on LPG, ammonia, ethane, and CO2.
To this end, the parties have entered into an agreement to establish a 50:50 joint venture, Solvang Gas Carriers, that will combine Solvang’s operational expertise with BlackRock’s global corporate relationships.
Solvang Gas Carriers will initially own Solvang’s fleet of 13 very large gas carriers (VLGCs) specially designed to transport LPG and ammonia, and will pursue growth across LPG, ammonia, ethane, and CO2 shipping. Solvang will continue to operate the fleet.
Edvin Endresen , CEO of Solvang, described the partnership as a key milestone in the company’s long-term vision.
“We have actively sought a strategic financial partner to support Solvang’s continued growth and enable execution of larger-scale projects. Global Infrastructure Partners (GIP), a part of BlackRock brings a global network across shipping, energy, and infrastructure that aligns seamlessly with Solvang’s long-term growth vision.
“With BlackRock’s GIP on-board we are positioned to pursue large-scale, long-term opportunities. This strengthens our ability to deliver safe, reliable, and efficient liquefied gas shipping solutions at scale for an evolving global market,” Endresen explained.
Mark Florian , Partner at Global Infrastructure Partners (GIP), said: “This was a unique opportunity to invest in a company at the forefront of an industry poised to see significant growth over the next few years, with a business model underpinned by long-term contracts. We look forward to leveraging our platform to help the company grow in new markets and with new customers.”
In 2023, Solvang formed a joint venture with Geneva-based energy trading firm Gunvor Group , which ordered five VLGC newbuilds at Hyundai Heavy Industries. The vessels are scheduled for delivery from September 2026 to July 2027 and will be on long-term time charter to Clearlake Shipping, Gunvor’s chartering arm.
In recent news, the Norwegian shipping company marked the beginning of construction of the first two hulls in the Panamax VLGC newbuilding series.