Nakilat Signs Agreement For Full Ownership Of Four Q-Flex LNG Carriers

Nakilat Signs Agreement For Full Ownership Of Four Q-Flex LNG Carriers

Nakilat Signs Agreement For Full Ownership Of Four Q-Flex LNG Carriers

The ownership of four Q-Flex liquefied natural gas (LNG) carriers has been acquired by Nakilat from International Seaways, Inc. (“INSW”) that is its joint-venture partner. This was done after the sale and purchase acquiring for the leftover 49.9% ownership interest from INSW in these ships.

The number of wholly-owned LNG vessels by Nakilat increases from 25 to 29 after this, from the entire fleet of 74 LNG and liquefied petroleum gas (LPG) vessels.

The four LNG vessels that have a 217,000cbm carrying capacity each have been operated and managed since 2014 by Nakilat’s ship management arm in-house in Nakilat Shipping Qatar Limited (NSQL). Along with this 10 other LNG carriers and $ LPG carriers were also managed by NSQL.

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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 allow 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.”

With 14 Q-Max, 31 Q-Flex and 24 conventional vessels (includes four newbuilds), Nakilat has the largest LNG shipping fleet in the world. Apart from these, the company also has the ownership of 4 liquefied petroleum gas (LPG) and one Floating Storage Regasification Unit (FSRU).

Reference: nakilat

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