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Q2 report 2017


Key Events:
  • Earnings from shipping activities at a loss of NOK 2.5 million.
  • Baltic LPG index in gradual decline throughout second quarter 2017.
  • Delivery of one Panamax VLGC from Hyundai Heavy Industries - "Clipper Freeport".
  • Start-up of the 10-year Panamax VLGC contract with Phillips66.
  • Total average technical off-hire per vessel of only 0.5 days in first half of 2017.
  • Continued strong HSE results with only 5 minor LTI in the last 9 years, and a LTIF of 0.24.

Complete report for 2nd quarter is found here.
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Industry leading provider of LPG and petrochemical tonnage.

The Solvang group has a total fleet of 27 vessels, seven VLGCs, nine LGCs and ten ethane/ethylene carriers, where four are under construction for delivery in 2019. Since 2008, the company and partners have invested more than USD 1.7 billion in new ships, giving a very modern fleet, with an average age of about 7 years. The company's headquarters are in Stavanger on the Norwegian south-west coast, with a commercial and operational team sitting in Oslo, and our own crewing office in Manila.  
Our focus is to build, own and manage our fleet in a life cycle perspective, with a 20-25 year investment horizon. We do not use fleet management companies to run our ships - everything is done in-house in Stavanger, Oslo and Manila. To us, proper crew manning and training are essential factors and we're proud of our track record, having zero LTI (Lost Time Incident) frequency and outstanding vetting results.

Our main goals are: 
  • Be the preferred carrier of LPG and pet.chem world wide
  • To have happy, motivated and proactive employees
  • Be profitable (long term)
  • Be a CSR leading company