Nakilat Establishes Joint Venture with Maran and adds Four New LNG Vessels to Fleet

March 27, 2019

With some four LNG vessels under the new JV, the number of Nakilat vessels will effectively increase to 74

Qatar Gas Transport Company Ltd. (Nakilat) has signed an agreement to establish a new joint venture “Global Shipping Ltd.” with the Greek firm Maran. Under the agreement, Nakilat will hold a 60% stake in the JV, while Maran will own the remaining 40%.

The new company will have four LNG vessels, which will see the number of Nakilat vessels effectively increase to 74, approximately 11.5% of the global LNG fleet in carrying capacity.

Nakilat CEO Abdullah bin Fadhalah Al-Sulaiti said that this agreement is a step forward for the company in expanding its 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 will have a positive effect on charter rates.

Al-Sulaiti explained that the four new vessels being operated and marketed by Nakilat affirms its global leadership in operation and marketing, and bears testament to the company’s robust financial performance and strategic planning, which comes as part to maximize returns for shareholders and support Qatar’s industry leading position as the world’s top LNG exporter.

Al-Sulaiti added that the energy sector has seen a shift in terms of management and vessel technology in the industry, which Nakilat has 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.

Maran Chairman John Angelicoussis said Nakilat has been one of their strategic partners for many years and are pleased to be strengthening relationships with them. He expressed his confidence that, through this new venture, the two companies will continue to provide first-class services together for all their LNG customers around the world and look forward to further collaborations in the future.