Gunvor-Solvang joint venture to operate scrubber-fitted gas carriers
They have placed an order for five scrubber-fitted LPG-fuelled very large gas carriers (VLGC).
PHOTO: Scrubber fitted on a ship. Getty Images
Swiss energy trader Gunvor Group has formed a joint venture (JV) with Norway-based shipping company Solvang to own and operate these vessels.
Each VLGC will have a capacity of 88,000 cbm and can run on LPG or conventional marine fuels. The vessels will be equipped with open-loop scrubber systems, allowing them to run on cheaper HSFO while complying with the International Maritime Organisation's (IMO) global 0.50% sulphur limit.
All five vessels are scheduled for delivery from September 2026 to July 2027, and will be on long-term time charter to Gunvor’s subsidiary Clearlake Shipping, the company added.
“The VLGC newbuilds will be designed for onboard carbon capture, a solution we believe will be defining the next generation of LPG vessels,” said the trading company.
“The carbon capture [scrubber] system is currently being installed for testing onboard Solvang’s vessel Clipper Eris,” Gunvor added.
In Singapore, the Hi5 spread is currently at $174/mt, while in Fujairah, it stands at $151/mt. The spread narrows down to $111/mt in Houston and further to $86/mt in Rotterdam.
A Hi5 spread above $100/mt is typically considered lucrative for scrubber-fitted vessels burning HSFO.
By Aparupa Mazumder
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