Solvang is indeed the shipowner behind an order for five VLGC newbuildings in South Korea, with the vessels destined for a tie-up with Gunvor.
The Stavanger-based owner and Swiss commodities trader announced on Thursday the creation of a joint venture to operate the quintet, with the vessels on long-term charter to Gunvor’s shipping arm, Clearlake Shipping.
“Gunvor’s partnership with Solvang demonstrates our commitment to investing in the future of shipping with the latest, most environmentally responsible vessels,” said Gunvor head of naphtha and LPG Frederic Meeus.
“This JV also underscores Gunvor’s expanding presence in the growing global LPG market.”
In July, TradeWinds reported that Solvang had ordered three VLGCs at Hyundai Heavy Industries for $106m each and followed that up with another report in August noting three more orders for $108m each.
The ships are 88,000 cbm each and have a traditional panamax beam, allowing them to pass through the old Panama Canal locks.
Gunvor confirmed those are the ships but did not disclose the prices.
Thursday’s announcement said the vessels will also have the carbon capture system Solvang is installing and testing on the 21,200-cbm Clipper Eris (built 2019) thanks to a grant from the Norwegian government.
It will also have hull optimisation capabilities, shaft and propeller improvements, exhaust gas recirculation and an open-loop scrubber system.
Solvang chief executive Edvin Endresen said he believes carbon capture will “define the next generation of LPG vessels”.
“We are very pleased to strengthen and expand our relationship with Gunvor with the JV to co-own five VLGC newbuilds,” he said.
