Gunvor Group and Solvang formed JV to own and operate five next generation Panamax VLGC

Gunvor Group Ltd (“Gunvor”) and Solvang ASA (“Solvang”) 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.

“Gunvor’s partnership with Solvang demonstrates our commitment to investing in the future of shipping, with the latest, most environmentally responsible vessels,” said Frédéric Meeus, Member of Gunvor’s Executive Committee and Head of Naphtha & LPG. “This JV also underscores Gunvor’s expanding presence in the growing global LPG market.”

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.

According to Solvang’s philosophy, the environmental performance is a combination of fuel type, engine efficiency, and cleaning technology – rather than fuel choice alone. In the specific case of the Solvang-Gunvor JV, dual-fuel LPG did not come out as the optimal solution.

“We went for a single liquid fuel system, one set of tanks, scrubber and EGR, ready to combine with shipboard CCS,” said Mr. Ask. The single fuel system with exhaust gas cleaning is suitable for both HFO, low-sulphur fuel oil, MGO, bio-fuels, or e-fuels.

Yangzijiang Shipbuilding

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