Gunvor Group and Solvang form JV to own and operate 5 next generation Panamax VLGCs
Gunvor Group Ltd and Solvang ASA have formed a Joint Venture (“JV”) to own and operate next generation eco-vessels for the Liquefied Petroleum Gas (LPG) market. The JV has placed an order for five VLGC newbuilds from Hyundai Heavy Industries that are scheduled for delivery from September 2026 to July 2027. All five vessels will be on long-term time charter to Clearlake Shipping, Gunvor’s chartering arm.
The VLGC newbuilds incorporate environmental technology developed through 12 years of Solvang’s ECO LPG Carrier program. The package includes hull optimization, shaft and propeller improvements, exhaust gas recirculation, and the highly effective open-loop scrubber designed by Wärtsilä. Accordingly, the newbuilds will be ready for zero emission technology – the carbon capture system currently being installed for testing onboard Solvang’s vessel Clipper Eris.
The new vessels will have capacity of 88,000 cbm, which is the largest LPG load currently able to transit through the old Panama Canal, and the vessels will be the largest of the existing VLGCs in the Solvang Panamax fleet.
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most.
Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, shipping, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers. Gunvor, which generated turnover of US $150 billion on volumes of 165 million MT in 2022, has committed to cut Scope 1 and 2 emissions by 40% by 2025.
Solvang ASA is a Norwegian privately-owned shipping company with headquarters in Stavanger, and offices in Oslo and Manila. Solvang is a provider of LPG, ammonia and petrochemical tonnage, and has a fleet of 23 vessels, and 5 newbuilds for delivery in 2026-2027. The company actively takes part in research, development and testing of zero-emission technology. The company’s aim is to be an industry-leading provider of LPG, ammonia and petrochemical tonnage in a safe, clean and cost-efficient manner.
