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Operations

2. OPERATIONS
The group’s activities are divided in two main segments; Ship-management and Ship-ownership. The latter segment can be divided into three sub-segments for the transportation of Liquefied Petroleum Gas (LPG), ammonia (NH3) and petrochemical gases:
 
  • 12,000 cbm – 17,000 cbm ships (Semi-refrigerated / Ethylene)
  • 60,000 cbm fully refrigerated LPG ships (LGC)
  • 75,000 – 82,000 cbm fully refrigerated LPG ships (VLGC) 

The company's headquarters are located in Stavanger, Norway, where the operation of all the ships are managed from the company's fully integrated shipping organisation.
The chartering of the Ethylene fleet is managed by Evergas Solvang Ethylene (ESE), a 50 / 50 joint venture (JV) company based in Copenhagen. The chartering of the LGC / VLGC fleet is managed by International Gas Carriers (IGC) in Oslo; a 100% owned Daughter Company of Solvang ASA. In addition, the company has a crewing office in Manila, Philippines.
 
In 2012 the market improvement which began in 2010 continued. The imbalance between supply and demand in the last two years, due to a combination of over-contracting and low demand, was more balanced in 2012, but still very volatile for the largest ships and not fully satisfactory on average earnings.