Solvang

What Solvang does

Solvang ASA is a Norwegian public limited liability company headquartered in Stavanger that operates one of the world's most specialized fleets for the seaborne transportation of liquefied petroleum gas (LPG) and petrochemical gases, including propane, butane, ethane, ethylene, and ammonia. As of 2025 the company operates approximately 21 vessels in active commercial service, organized across three classes — semi-refrigerated/ethylene carriers (17,100–21,000 cbm), Large Gas Carriers/LGC (59,000–60,000 cbm), and Very Large Gas Carriers/VLGC (78,000–84,000 cbm) — under the Clipper vessel brand, transporting cargoes on behalf of energy majors, petrochemical manufacturers, fertilizer producers, and LPG distributors across Atlantic, Gulf of Mexico, Central America, and Far East trade lanes. The fleet is being expanded with three 2019-built VLGCs acquired from Vitol subsidiaries (Q1 2026 delivery) and seven new 88,000 cbm ECO Panamax VLGCs on order from HD Hyundai Heavy Industries for delivery through June 2027.

The company's core technology differentiator is the Onboard Carbon Capture and Storage (OCCS) system — the world's first full-scale shipboard CCS facility, installed on the ethylene carrier Clipper Eris — supplemented by LP-EGR Tier III NOx compliance without urea, Wet Electrostatic Precipitators (WESP) on five vessels cutting approximately 95% of particle mass, and an ECO vessel class with Mewis Ducts and heat recovery. Since 2009 the fleet has achieved a 37% reduction in Annual Efficiency Ratio (AER), a 49% reduction in Energy Efficiency Operational Indicator (EEOI), and a 21.5% decrease in average per-vessel emissions while expanding cargo capacity 21.4%. The company holds ISO 14001, ISM Code, IMO Tier III, GRI, EU CSRD, and EU Taxonomy certifications, and is supported by Norwegian-state Enova co-funding for its CCS program.

Solvang runs a fully integrated shipping organization — commercial chartering from Oslo, in-house technical management and fleet operations from Stavanger, and crew manning offices in Manila (Philippines) and Riga (Latvia) — employing approximately 761 personnel in 2025. Revenue is generated primarily through time-charter contracts of varying lengths and spot voyages, with long-term charters secured for new VLGC capacity. Capital structure was expanded in 2025 through a 50:50 joint venture with BlackRock's Global Infrastructure Partners (Solvang Gas Carriers), following a 2023 joint venture with Gunvor Group for five Panamax VLGCs, signaling an institutional-investor-funded growth phase rather than a pure organic expansion path.

Name

Solvang

Legal name

Solvang ASA

Website

https://solvangship.no

Company type

Public

Founded year

1941

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Solvang ASA is a Norwegian public shipping company that transports LPG and petrochemical gases (propane, butane, ethane, ethylene, ammonia) worldwide via a fleet of semi-refrigerated, LGC, and VLGC vessels, serving energy majors, petrochemical producers, and fertilizer manufacturers under time-charter and spot contracts.

Ownership category

akta.pro rank

Product category

LPG and Petrochemical Shipping

akta.pro primary industry

LPG Carrier Operators (TLADABAG)

Keywords

• LPG shipping
• Petrochemical gas transport
• VLGC carriers
• Ethylene transportation
• Maritime carbon capture

Headquarters

HQ city

Stavanger

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. LPG and Petrochemical Transportation: Solvang generates revenue primarily through transporting liquefied petroleum gas (LPG) and petrochemical gases including propane, butane, ethane, ethylene, and ammonia. Revenue is earned through time charter contracts of varying lengths and spot market voyages. The company operates semi-refrigerated/ethylene carriers, LGC vessels, and VLGC vessels.
2. Ship Management Services: Technical management of all vessels conducted in-house, including commercial operations, crew management, and vessel maintenance services.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Solvang ASA is a shipping company that transports LPG and petrochemical gases worldwide using a fleet of semi-refrigerated/ethylene carriers, Large Gas Carriers (LGC), and Very Large Gas Carriers (VLGC). The company carries propane, butane, ethane, ethylene, and ammonia for energy companies, petrochemical manufacturers, fertilizer producers, and LPG distributors under time charter contracts and spot market arrangements. In addition, Solvang has pioneered the world's first full-scale Onboard Carbon Capture and Storage (OCCS) system installed on a commercial vessel.

Product overview

Solvang ASA operates as a shipping company with a fleet of LPG and petrochemical gas carriers organized into three vessel classes: Semi-Refrigerated/Ethylene Carriers (17,100-21,000 cbm), Large Gas Carriers/LGC (59,000-60,000 cbm), and Very Large Gas Carriers/VLGC (78,000-88,000 cbm). The company transports propane, butane, ethane, ethylene, and ammonia for industrial customers worldwide. The portfolio also includes the Onboard Carbon Capture System (OCCS), the world's first full-scale maritime carbon capture technology, and seven new VLGC newbuilds on order for delivery in 2026-2027. Technical management is handled in-house at Stavanger headquarters, with commercial operations in Oslo.

Differentiator

Problem solved

Functional benefit

Brands

• Clipper: Brand name for Solvang's vessel fleet (e.g., Clipper Eirene, Clipper Voyager)

Products and services

• Semi-Refrigerated/Ethylene Carriers
• Large Gas Carriers (LGC)
• Very Large Gas Carriers (VLGC)
• Onboard Carbon Capture System (OCCS) Service
• 88K Panamax VLGC Newbuilds

Quantifiable outcome

• 37% reduction in Annual Efficiency Ratio (AER) since 2009
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Nemo MaritimecoreStrategic or Co-development Partner · 1 June 2026Partnership to cover complete CO2 transportation chain from loading to injection into storage reservoirs, supporting carbon capture utilization and storage initiatives.
• Gunvor GroupcoreStrategic or Co-development Partner · 5 October 2023Joint venture to own and operate five next generation Panamax VLGCs for the LPG market. Ships purpose-built for transporting LPG from Atlantic Ocean and Gulf of Mexico to west coast of Central America and Far East.
• WärtsiläcoreTechnology or Integration · 19 October 2021LOI signed to test full-scale Carbon Capture and Storage (CCS) for maritime use. Long-term aim to achieve zero-emission deep-sea fleet through technology partnership.
• HD Hyundai Heavy IndustriescoreOEM/ Whitelabel/ Licensing PartnerShipyard partner for construction of 7 new VLGC vessels (88,000 cbm Panamax class) scheduled for delivery from July 2026 to June 2027. Steel cutting commenced April 2025 for first two vessels.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Avance Gas Holding: Norway-listed pure-play VLGC operator with 14+ VLGCs. Highly comparable fleet composition and geographic focus on LPG shipping from US Gulf/Atlantic Basin to Asia.
• Petredec: One of the world's largest LPG traders and shippers with owned/leased VLGC and mid-size LPG tonnage. Directly comparable in serving LPG trader/distributor customer segment with similar vessel profile.
• Dorian LPG: US-listed pure-play VLGC operator with ~22 vessels. Directly comparable in vessel class, cargo type, and charterer base to Solvang's VLGC segment.
• Evergas: Operator of semi-refrigerated and ethylene carriers in the petrochemical gas trade. Former JV partner of Solvang via Evergas Solvang Ethylene (dissolved 2013), now competing in the same ethylene/LPG niche.
• BW LPG: World's largest pure-play VLGC operator with a fleet of 40+ LPG carriers. Closest direct peer to Solvang's VLGC business, competing head-to-head for the same LPG charterers and trades.
• Navigator Gas: Operator of one of the world's largest fleets of ethylene and semi-refrigerated LPG carriers. Directly overlaps with Solvang's ethylene carrier and petrochemical gas shipping business.

Broad incumbents

• Mitsui O.S.K. Lines (MOL): Japanese global shipping major with LPG/LNG tanker operations among many segments. Competes in VLGC and LPG markets but as a small part of a much larger diversified fleet.
• NYK Line: Japanese diversified global shipping company with LPG tanker operations and energy logistics. Overlaps with Solvang's LPG shipping segment but as part of a broad liner, bulk, and tanker portfolio.
• MISC Berhad: Malaysian diversified maritime group operating LNG, LPG, and product tankers. Operates competing VLGC fleet in the same LPG trade but as part of a much broader shipping portfolio including LNG and offshore.
• Stolt-Nielsen Limited: Norwegian-headquartered diversified chemical/parcel tanker operator with parallel exposure to petrochemical and specialty liquid cargoes. Overlaps with Solvang's petrochemical gas shipping but offers a broader logistics portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/solvang-asa

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solvang