Nakilat expands fleet with four additional LNG carriers, bringing its fleet strength to 74 vessels
27 March 2019
Nakilat has established a new joint venture (JV), ‘Global Shipping Co. Ltd.’, with shipping company Maran Ventures Inc. (Maran Ventures). Under the agreement, Nakilat will have a 60% stake in the JV while Maran Ventures will hold the remaining 40%. With 4 LNG vessels under the new JV, the number of Nakilat vessels will effectively increase to 74, which is approximately 11.5% of the global LNG fleet in carrying capacity.
Nakilat’s Chief Executive Officer Eng. Abdullah Al Sulaiti said, “This agreement is a step forward for the company as we expand our fleet with additional capacity to meet the growing international demand for clean energy. This has subsequently led to a significant increase in demand for LNG shipping, which we hope will have a positive effect on charter rates. With the 4 new vessels being managed and marketed by Nakilat, this not only affirms our global leadership in energy transportation but also bears testament to our vessel management and marketing capabilities with the world’s largest LNG fleet. Nakilat’s steady growth highlights our robust financial performance and strategic planning, which comes as part of our efforts to maximize returns for our shareholders and support Qatar’s industry leading position as the world’s top LNG exporter.
Eng. Al-Sulaiti added, “We have seen a shift in terms of management and vessel technology in the industry, which we have taken into consideration. Currently under construction in South Korea, the four modern vessels each have a cargo carrying capacity of 173,400 cubic meters. They are equipped with some of the most advanced technology in the market today, with two of them being equipped with ME-GI while the other two with X-DF technology.”
Chairman of Maran Ventures, Mr John Angelicoussis said, “Nakilat has been one of our strategic partners for many years and we are pleased to be strengthening our relationship with them. Through this new venture, I am confident that we will continue to provide first-class services together for all our LNG customers around the world and look forward to further collaborations in the future.”