In cooperation with Norwegian carrier Solvang, commodity trader Gunvor Group buysfive panamax vessels that can transport liquefied petroleum gas.

The new vessels will be delivered with a system that allows for carbon capture on board.

The order has been placed with South Korean shipbuilder Hyundai Heavy Industries, and all five vessels will be chartered through Gunvor Group’s subsidiary, Clearlake Shipping, the two companies said in a press release. 

”Gunvor’s partnership with Solvang demonstrates our commitment to invest in the future of shipping with the newest and most environmentally responsible vessels,” says Frédéric Meeus, member of Gunvor’s executive board.

The vessels will not run on green fuels. However, Gunvor states that they are environmentally friendly in the sense that they will receive hull optimization, have improved shafts and propellers, as well as be equipped with open scrubbers to clean the exhaust gas.

The cooperation with Solvang underlines Gunvor Group’s growing presence in the global LPG market, he adds.

Also purchased gas carriers in July

The five new vessels, to be completed by 2027, will have a capacity of 88,000 cubic meters. 

The new vessels are the largest LPG cargo that can currently pass through the old Panama Canal. At the same time, the vessels will be the largest of the existing VLGCs in Solvang’s panamax fleet.

Earlier this year, Gunvor Group entered into a similar cooperation for the purchase of gas carriers. 

The order was placed back in July, when the Swiss company, together with Arclight and Celsius, helped finance four new vessels. At the time, market sources said that the price of the four vessels was between USD 235m and 240m per vessel. 

Neither Gunvor Group nor Solvang has disclosed the price of the five new vessels.

(Translated by DeepL with additional editing by Christian Radich Hoffman)