Spain’s Molgas has fully acquired Dutch liquefied natural gas bunker supplier Titan, following its acquisition of a 45 per cent stake in 2023, the company said on Tuesday.
LNG bunkering demand has been rising in recent years with the introduction of hundreds of ships that can run on the fuel, as the shipping industry ramps up efforts to "decarbonise" by 2050 in line with International Maritime Organisation targets.
Molgas, backed by French private equity firm InfraVia, will merge its truck-to-ship LNG supply in Norway and Europe with Titan’s LNG bunker supply, the company said.
With the acquisition, Molgas now operates a fleet of seven LNG bunker vessels, it added.
Titan is among the biggest independent LNG bunker suppliers in a market dominated by Shell.
Sofoklis Papanikolaou, CEO of Molgas, commented that the acquisition significantly extends the group's reach and capabilities. Titan CEO Niels den Nijs added, “By joining forces fully, we substantially strengthen our balance sheet and joint commercial reach."
(Reporting by Enes Tunagur Editing by Mark Potter)
