Norwegian Shipping Company Solvang and Global Infrastructure Partners Join Forces to Expand Liquefied Gas Shipping Business

Norwegian shipping company Solvang and Global Infrastructure Partners (GIP), a part of private infrastructure investment firm BlackRock, have teamed up to enhance the liquefied gas shipping business, focusing on LPG, ammonia, ethane, and CO2.

The collaboration has led to the establishment of a 50:50 joint venture, Solvang Gas Carriers, combining Solvang’s operational expertise with BlackRock’s global corporate relationships.

Solvang Gas Carriers will initially take over Solvang’s fleet of 13 very large gas carriers (VLGCs) designed for transporting LPG and ammonia, with plans to expand into LPG, ammonia, ethane, and CO2 shipping. Solvang will continue to manage the fleet.

Edvin Endresen, CEO of Solvang, expressed his enthusiasm for the partnership, calling it a significant milestone in the company’s long-term vision.

“We have actively sought a strategic financial partner to support Solvang’s continued growth and enable the 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 well-positioned to pursue large-scale, long-term opportunities. This enhances our ability to provide safe, reliable, and efficient liquefied gas shipping solutions at scale for a changing global market,” Endresen elaborated.

Mark Florian, Partner at Global Infrastructure Partners (GIP), shared his perspective: “This was a unique opportunity to invest in a company at the forefront of an industry poised for significant growth in the coming years, with a business model supported by long-term contracts. We are excited to leverage our platform to assist the company in expanding into new markets and with new customers.”

In 2023, Solvang partnered with Geneva-based energy trading firm Gunvor Group to order five new VLGCs at Hyundai Heavy Industries. These vessels are set for delivery between September 2026 and July 2027 and will be under long-term time charter to Clearlake Shipping, Gunvor’s chartering division.

In recent developments, Solvang initiated the construction of the first two hulls in the Panamax VLGC newbuilding series.