Nakilat Acquires Full Ownership of Four LNG Carriers
October 07, 2019
Nakilat has today acquired the full ownership of four “Q-Flex”
liquefied natural gas (LNG) carriers from its joint-venture
partner, International Seaways 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, and 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 new builds). The company also owns four liquefied
petroleum gas (LPG) and one Floating Storage Regasification Unit
(FSRU) as part of its fleet.
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