The Norwegian shipowner Solvang ASA and a fund managed by Global Infrastructure Partners (GIP), a part of US headquartered BlackRock, a private infrastructure investment firm, have entered into an agreement to establish a joint venture that aims to be a global leader in liquefied gas shipping.
The new established 50:50 joint venture will combine Solvang’s operational expertise with BlackRock’s global corporate relationships to grow liquefied gas shipping business with a focus on LPG, ammonia, ethane, and CO2.
The company Solvang ASA states that Solvang Gas Carriers will initially own Solvang’s modern fleet of 13 very large gas carriers (VLGCs), specially designed to transport liquefied petroleum gas (LPG) and ammonia and will pursue growth across LPG, ammonia, ethane, and carbon dioxide (CO2) shipping.
As the company also reports, Solvang ASA will continue to operate the fleet.
Edvin Endresen, CEO of Solvang ASA, said that “We have actively sought a strategic financial partner to support Solvang’s continued growth and enable 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.”
Endresen added, “With BlackRock’s GIP on-board we are positioned to pursue large-scale, long-term opportunities.”
