Nakilat expands LNG fleet

Nakilat, through its joint venture Maran Nakilat Co. Ltd, has added three new LNG vessels to its fleet. The company has closed US$807.4 million 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. The new LNG vessels increase the joint venture’s total fleet from eight to 11 LNG carriers 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 to 65 vessels.

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 580 000 m³. The expanded fleet of 11 LNG vessels now has a cumulative capacity of 1.7 million m3. In June 2013, Nakilat also increased its ownership of the joint venture from 30% to 40%.

Leader in LNG shipping

Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat, commented: “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.”

Adapted from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/lng-shipping/23042014/nakilat_expands_lng_fleet_462/