Energy Trader Gunvor Locks in LNG Vessels to Advance Climate Goals

Energy Trader Gunvor Locks in LNG Vessels to Advance Climate Goals

Gunvor Group Ltd. has agreed to employ four newbuild liquefied natural gas (LNG) carriers as the trading house looks to cut emissions tied to its operations. 

Subsidiary Clearlake Shipping is securing long-term time charters with Monaco-based shipowner Celsius Tankers. Celsius expects to take delivery of the new vessels from Samsung Heavy Industries Co. Ltd. (SHI) during 2023 and 2024. 

The maritime industry is facing stiffer decarbonization rules as the energy transition evolves. The industry is using alternate fuels, including LNG, and more efficient designs to manage emissions. Celcisus said the new vessel design minimizes carbon dioxide and methane slip, or unburned methane from engines. The installation of air lubrication, optimal hull shape and paint systems to cut water friction helps minimize a vessel’s’ environmental impact. 

Celcisus already has taken delivery of four similar ships from SHI with the capacity to move 180,000 cubic meters of LNG. 

“Operational experience from the vessels has proven the efficiency of the original design,” Celsius said. The new order of vessels would be sister ships to the first four ordered in 2018, but they have additional improvements, including lower emissions and reduced fuel consumption, the company said. 

Geneva-based Gunvor, the world’s largest independent LNG trading company, said the new ships align with a commitment to cut direct and indirect emissions, aka Scope 1 and 2, by 40% by 2025. 

“We have further committed to convert 100% of our fleet to eco-vessels by 2027,” said Gunvor’s Kalpesh Patel, co-head of LNG trading. “Gunvor imposes strict carbon intensity in our vetting process, and these efficient vessels are critical for Gunvor as we strive to deliver physical energy to our customers with the lowest possible carbon footprint.”

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