Avenir to become Oslo-listed LNG bunker vessel pure-play 

Avenir LNG has set its sights on listing on Euronext Growth Oslo and becoming a pure play small-scale LNG shipping and trading player.

As part of its “strategic refocus”, the London-based outfit is proposing to divest its ownership of the HIGAS LNG storage terminal in Sardinia to three of its existing shareholders. The company was set up in 2018, backed by blue-chip sponsors Stolt-Nielsen, Golar LNG and Höegh LNG.

Avenir LNG said it has started the process of seeking a listing in Oslo later this year, with plans to raise about $50m in new equity, fully underwritten by Stolt-Nielsen, to finance two 20,000 cu m LNG bunker newbuilds.

The ships should be delivered in the fourth quarter of 2026 and the first quarter of 2027, and Avenir has options for two additional newbuilds for which it said it is also considering increasing the equity raise to support further fleet expansion. 

Following the divestment of the LNG storage terminal, the five-ship-strong Avenir, which is currently listed on the Norwegian Over the Counter (NOTC) market, would operate as an LNG bunker vessel pure-play. Consideration for the divestment is expected to be in the form of a settlement of an existing shareholder loan and transfer of a portion of the Avenir shares held by the majority shareholders back to Avenir, the company said.

“With the LNG fuelled fleet set to grow from  about 400 vessels in 2023 to over 1,000 vessels by 2028, demand for bunker vessels is set for strong growth over the next decade. This is a timely opportunity to refocus and consolidate the company’s strategy into shipping and trading by divesting from HIGAS,” said Jonathan Quinn, managing director at Avenir LNG, adding that the move would improve operational efficiency, paving the way for a more streamlined and competitive company.