Nakilat signs agreement for full ownership of four Q-Flex LNG carriers
7 October 2019
Nakilat has today acquired the full ownership of four Q-Flex liquefied natural gas (LNG) carriers from its joint-venture partner, International Seaways, Inc. (“INSW”) following execution of a sale and purchase agreement for the acquisition of the remaining 49.9% ownership interest in these vessels from INSW. This brings the total number of vessels wholly-owned by Nakilat from 25 to 29 LNG vessels, out of its overall fleet of 74 LNG and liquefied petroleum gas (LPG) vessels.
With a cargo carrying capacity of 217,000cbm each, the four LNG carriers have been operated and managed in-house by Nakilat’s ship management arm, Nakilat Shipping Qatar Limited (NSQL), since 2014. This is in addition to the other 10 LNG and 4 LPG carriers under NSQL management.
Chief Executive Officer of Nakilat, Eng. Abdullah Al Sulaiti, said: “The 100% ownership acquisition of these four vessels comes as part of Nakilat’s long-term strategy to capitalize on such strategic investment opportunities. These vessels are chartered to our long-standing partner Qatargas, the world’s largest exporter of clean energy. Owning the vessels that we manage allows Nakilat to consolidate its fleet, provides greater operational flexibility and optimization of resources, leading to the realization of cost savings with minimal risks and strengthens our customer focus. In addition, this transaction affirms the strong financial standing of the company and our commitment to maximize value for our shareholders, in alignment with our vision to be a global leader and provider of choice for energy transportation and maritime services.”
Nakilat’s LNG shipping fleet is among the largest in the world, comprising of 14 Q-Max, 31 Q-Flex and 24 conventional vessels (includes four newbuilds). The company also owns 4 liquefied petroleum gas (LPG) and one Floating Storage Regasification Unit (FSRU) as part of its fleet.