Nakilat invests in three new LNG vessels

Investment will increase Nakilat’s LNG fleet from 58 vessels to 61

Nakilat has expanded its fleet with three new LNG vessels.
Nakilat has expanded its fleet with three new LNG vessels.

Nakilat, Qatar’s premier gas transporter, has added three new LNG vessels to its fleet through its joint venture Maran Nakilat Co Ltd, which has closed $807.4m of refinancing provided by Qatar Islamic Bank (QIB) and Barwa Bank.

The three new LNG carriers will be added to Maran Nakilat Co Ltd, Nakilat’s joint venture with Greek shipping company Maran Ventures Inc. These new vessels increase the joint venture’s total fleet from eight vessels to 11 and will be used in international trade, growing Nakilat’s LNG fleet from 58 vessels to 61, and expanding Nakilat’s total fleet, including both LNG and LPG carriers, from 62 vessels to 65.

Maran Nakilat Co Ltd has grown its fleet’s capacity over three different stages. The initial fleet of four vessels had a cargo capacity of 580 thousand cubic-metres. The expanded fleet of 11 vessels now has a cumulative capacity of 1.7 million cubic metres. In June 2013 Nakilat also increased its ownership of the joint venture from 30% to 40%.

“We are thankful for this excellent addition to our company, through refinancing and adding new ships to our fleet, which in turn will definitely strengthen the role of Nakilat as a leader in the global gas transportation market. We are dedicated to the continual enhancement of Nakilat’s position as the world’s leading LNG shipping company and support from the State of Qatar’s financial institutions enables us to achieve this goal,” said Abdullah Fadhalah Al Sulaiti, managing director of Nakilat.

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Oil & Gas Middle East - March 2020

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