LNG shipping platform finds new owner

U.S.-headquartered alternative asset manager Apollo has signed a deal with Norway’s HitecVision, an investor in the European energy industry, to acquire the maritime liquefied natural gas carrier (LNGC) infrastructure platform Hav Energy LNG through its managed Apollo Funds.

While financial terms were not disclosed, the Norwegian firm believes the current state of play in the LNG segment will support Hav Energy’s future growth trajectory.

This is underpinned by predictions for the global LNG imports to reach over 600 million metric tons annually by 2040, driven by growth in Asia and Europe, efforts to curb emissions in heavy industries and transportation, and demands for new liquification capacity coupled with limited newbuild LNG vessel supply. 

Joseph Romeo, partner at Apollo, commented: “Hav Energy has quickly scaled into a top platform facilitating the global transport of LNG, which we view as a bridge fuel capable of reducing emissions for rapidly growing power demand.

“We are excited to work with the Hav Energy team and their aligned, well-regarded partners in Knutsen to accelerate growth of the platform, which we believe can serve as a vital infrastructure link supporting enhanced energy resiliency for customers around the world.”

Established by HitecVision in 2022, Hav Energy invests in LNGC infrastructure projects in partnership with Knutsen LNG. Jointly, they own a portfolio of ten newbuild LNGCs.

The fleet encompasses two modern operating vessels and eight under construction at the Hyundai Heavy Industries shipyard in Korea, due for delivery in 2025 and 2026. All vessels are said to be 100% contracted on long-term charters with investment-grade counterparties. 

“This transaction represents a critical juncture for Hav Energy as we continue to build a next-generation fleet of LNG infrastructure carriers and pursue attractive growth opportunities to expand our capabilities alongside our new partners at Apollo,” noted Hav Energy CEO Randi Vestbø.

“We are grateful for the guidance, backing and strategic support from HitecVision, which has been instrumental in our development and positions us for our next phase of growth as industry tailwinds continue to drive long-term LNG demand globally.”

Knutsen LNG’s French affiliate recently took over the LNG carrier Józef Piłsudski from HD Hyundai Samho Industries’ shipyard in South Korea to deliver it to its new charterer, Poland’s Orlen Group. The vessel was previously named together with another LNG carrier, Jan Paderewski.