Solvang and BlackRock’s GIP Form Joint Venture to Create Global Gas Shipping Giant

Solvang ASA and BlackRock’s Global Infrastructure Partners (GIP) have announced the formation of a 50:50 joint venture called Solvang Gas Carriers.

The new venture will initially take ownership of Solvang’s existing fleet of 13 Very Large Gas Carriers (VLGCs), which are specifically designed for transporting liquefied petroleum gas (LPG) and ammonia. The company plans to expand its operations across LPG, ammonia, ethane, and carbon dioxide (CO2) shipping sectors, with Solvang continuing to manage fleet operations.

Edvin Endresen, CEO of Solvang ASA, highlighted the strategic significance of the partnership, noting that the company had been actively seeking a financial partner to support its expansion plans. “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,” said Endresen.

The joint venture comes as demand for liquefied gas shipping is expected to surge over the next decade. This growth is driven by increasing adoption of LPG, ammonia, and ethane as lower-carbon fuel alternatives across commercial, industrial, and residential sectors. Additionally, the expansion of the global carbon capture and storage industry is expected to boost demand for CO2 shipping.

“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,” said Mark Florian, Partner at Global Infrastructure Partners.

Solvang Gas Carriers is positioning itself as a leader in sustainable shipping, with its VLGC fleet equipped with advanced propulsion technology for minimizing emissions and maximizing fuel efficiency. The company is also at the forefront of innovation, pioneering onboard carbon capture and storage technology.

Fearnley Securities served as the sole financial advisor to Solvang ASA for this transaction.

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