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Nakilat acquires full ownership of four Q-Flex LNG carriers

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LNG Industry,

Nakilat has announced that it has acquired full ownership of four Q-Flex LNG carriers from its joint venture (JV) partner, International Seaways, Inc. (INSW).

According to the statement, this follows the 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 LPG vessels.

Each of the four LNG carriers has a cargo carrying capacity of 217 000 m3. They have all been operated and managed in-house by Nakilat’s ship management arm, Nakilat Shipping Qatar Ltd (NSQL), since 2014. According to the statement, this is in addition to the other 10 LNG and four LPG carriers under NSQL’s 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 capitalise 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 optimisation of resources, leading to the realisation 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 maximise value for our shareholders, in alignment with our vision to be a global leader and provider of choice for energy transportation and maritime services.”

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