Solvang Gas Carriers will initially manage Solvang’s fleet of 13 very large gas carriers (VLGCs), designed to transport liquefied petroleum gas (LPG) and ammonia. The venture plans to expand into shipping LPG, ammonia, ethane, and carbon dioxide (CO2). Solvang will continue to operate the fleet, leveraging its expertise in maritime transport.
The company anticipates strong growth in demand for liquefied gas shipping over the next decade, driven by increasing use of LPG, ammonia, and ethane. Additionally, Solvang expects a significant rise in CO2 shipping as the global carbon capture and storage industry expands.
Edvin Endresen, CEO of Solvang, stated: “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.”
Mark Florian, partner at GIP, added: “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.”
Fearnley Securities served as the exclusive financial advisor to Solvang for the transaction, facilitating the establishment of the joint venture.
