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New building orders and timecharter contracts

Solvang ASA and partners have signed a contract with Hyundai Heavy Industries in Korea, for the construction of two 78.700 cbm LPG carriers.

The vessels will be Panamax VLGC vessels, with the feature of being able to transit both new and old Panama canal. Solvang currently has 50% of the existing global Panamax VLGC fleet. The new vessels are scheduled for delivery in Q2 and Q3 2017. Solvang will be managing owner and the vessels will be placed into one of the existing shipowning companies where Solvang has 30% ownership. Both vessels will upon delivery from yard enter 10 year timecharter contracts to an Oilmajor.