Navigare Capital Partners, a Danish maritime investment company, has taken delivery of its second liquefied petroleum gas (LPG) carrier, the Navigare Gaia.
The Navigare Gaia measures 220 meters in length and boasts a carrying capacity of 84,000 cubic meters. The vessel is contracted for a five-year term with oil major Shell.
Recently, the Navigare Gaia completed loading at Shell’s Prelude FLNG (Floating Liquefied Natural Gas) facility. Notably, Prelude FLNG is the largest floating offshore facility globally, designed for a minimum 25-year lifespan. It is located approximately 475 km northeast of Broome, Western Australia, and is capable of producing LNG, condensate, and LPG.
Prelude FLNG has an annual production capacity of 3.6 million tonnes of LNG, 1.3 million tonnes of condensate, and 0.4 million tonnes of LPG. The facility is operated by Shell, in partnership with Inpex, KOGAS, and OPIC.
In a recent development, Shell appointed Wood, a fellow industry player, to provide brownfield engineering, procurement, and construction management (EPCM) services for the Prelude FLNG facility.
“LPG plays a crucial role in the energy transition, offering access to cleaner cooking and heating alternatives for communities still dependent on traditional fuels. It also serves as a vital feedstock in the petrochemical industry, replacing oil-based naphtha,” Navigare Capital Partners commented in a social media post.
Earlier this year, in May, Japanese trading giant Mitsui & Co. announced its investment in a maritime fund managed by Navigare Capital Partners. The fund aims to raise $650 million, focusing on sustainable shipping projects, including green vessels and carriers.
Founded in 2017 by Robert Maersk Uggla, the current Chairman of A.P. Moller Maersk, Navigare has since launched two maritime investment funds. Its accumulated operating assets now total approximately $2 billion.
